Opening of First Quarry in Kosovo

RNS Number : 5085R

Fox Marble Holdings PLC

20 November 2012

 



AIM: FOX

20 November 2012

 

Fox Marble Holdings plc

("Fox Marble" or the "Company")

OPENING ITS FIRST MARBLE QUARRY IN KOSOVO

Fox Marble is pleased to announce that it has opened its first quarry in Kosovo in the District of Rahovec in which three of its quarry sites are located. The quarry site opened is the Cervenilla quarry containing red and grey marble.

All the equipment required to operate this marble quarry is in situ and being readied to commence work as laid out in the Quarry Development Plans prepared by our Quarry Strategist - Dr Ing. Orlando Pandolfi.

The local quarry staff, led by the Italian quarry master Bruno Lorenzoni (recruited from Carrara), is currently on the quarry site preparing to open the first bench from which it is expected that the first blocks of raw marble will be extracted in the coming weeks.

In the period since the IPO, we have received a number of enquiries from around the world and expressions of interest in our marble. The first blocks of marble extracted will be sent to Carrara for processing into cut and polished slabs suitable for circulation as samples to potential customers.

Chris Gilbert, Chief Executive of Fox Marble commented: "I am delighted that we have been able to open our first quarry earlier than planned and we are now ahead of schedule by around a month. We expect to open our second quarry in the district of Peja before the end of the year."

Enquiries

For more information on Fox Marble, please visit www.foxmarble.net, or contact:

Fox Marble Holdings plc
Christopher Gilbert, Chief Executive Officer	Tel: [phone]
Fiona Hadfield, Chief Financial Officer
Fox Davies Capital Limited (Nomad and Joint Broker)	Tel: [phone]
Susan Walker
Daniel Fox-Davies
Merchant Securities (Joint Broker)	Tel: [phone]
Lindsay Mair / Richard Goldsmith / Chris Theis
Buchanan	Tel: [phone]
Tim Anderson / Fiona Henson / Sophie Cowles	www.buchanan.uk.com

Notes to editors:

Fox Marble Holdings PLC is an AIM quoted natural stone extraction company operating in Kosovo and the Balkans region, with headquarters in the United Kingdom.

The Company has been grated mining licenses in relation to five separate marble quarries and completed a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion.  Established in 2011, Fox Marble has access to over 300 million cubic metres of premium quality marble including white breccia and honey yellow onyx.

 

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