Stmnt re Share Price Movement

RNS Number : 9658U

China Africa Resources PLC

04 January 2012

 



China Africa Resources plc

Statement re Share Price Movement

China Africa Resources plc ("China Africa" or "the Company") (AIM: CAF) notes the recent increase in the Company's share price. The Directors wish to notify the market that they are not aware of any reason behind the recent share price increase.

The Company continues to pursue the strategy set-out in its Admission Document, being to carry out a feasibility study over the Berg Aukas Project.  With this objective the Company has:

·      Appointed most of the consultants (geology, engineering, environmental) that will be working on the feasibility study.

·      Received designs for a drilling program from consultant Geologists which will be performed to establish JORC resources.  A 'request for tender' for the drilling work was distributed in December, and drilling is expected to begin in February.

·      Commenced metallurgical test work on samples taken from the old ROM pad. 

·      Collected historical information which is being used to establish a full 3D electronic model of the old mine workings.

·      Begun environmental studies and "Interested and Affected Parties" are being established in line with Namibian legislation.

·      Planned studies on mine dewatering and shaft refurbishment which are set to begin in Jan 2012.

As at 31 December 2011 the Company had a cash balance of £3.8m.

For further information please visit www.chinaafricares.com

Enquiries:

Rod Webster

Chief Executive Officer

China Africa Resources plc

020 7917 2989

Dean Friday

Commercial & Investor Relations Manager

China Africa Resources plc

020 7917 2989

Nominated Adviser and Broker

Ambrian Partners Limited

Anthony Rowland

020 7634 4700

 

END

 

 

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