Andash Project - Exercise of

RNS Number : 9965A

Aurum Mining PLC

19 October 2009

 



For Immediate release

19 October 2009

AURUM MINING PLC

("Aurum" or "the Company")

Exercise of Options

Aurum Mining plc (AIM: AUR) is pleased to announce that, further to its announcement on 28 September 2009, Kentor Gold Limited (Kentor) has notified the Company that, in accordance with the terms of the existing Memorandum of Understanding between Aurum and Kentor ("the MOU"), it is exercising its options to acquire Aurum's stake in the Andash project and the associated mining fleet for a total consideration of US$15,000,000. 

 .  

The parties are working towards finalising the terms of the disposal agreement and anticipate such agreement being entered into during the course of the next few days, at which point Aurum will dispatch a Circular to Shareholders convening a General Meeting at which Shareholders will be asked to approve the disposal. 

The disposal will constitute a fundamental change in business (as defined by Rule 15 of the AIM Rules) and is therefore subject to approval by Aurum's Shareholders. 

For further information: 

Aurum Mining plc	Tel: [phone]
Mark Jones, Chief Executive Chris Eadie, Chief Financial Officer
Arbuthnot Securities	Tel: [phone]
John Prior
Richard Johnson

Kentor Gold Limited (ASX Code: KGL) is an Australian-based company formed in 1998 as a specialist gold explorer. Kentor was listed on the Australian Securities Exchange in March 2005 and has diversified into exploration for gold, geothermal energy and base metals in Central Asia. 

 

END

 

 

DISCKCKKCBDKAKD