Payment reschedule and resignation of director
June 16 2008 - 8:35AM
UK Regulatory
Central China Goldfields plc
("GGG" or "the Company")
PAYMENT RESCHEDULING FOR SNOW MOUNTAIN PROJECT AND
CHANGE OF DIRECTOR
LONDON 16 JUNE 2008 - Central China Goldfields plc (AIM: GGG) announces that
due to the unfortunate circumstances of the recent earthquake in Sichuan, the
Company has come to an agreement with the Sichuan Bureau of Metallurgy and
Geological Exploration ("SBMGE") on 15 June 2008 to reschedule the payment from
the sale of the Snow Mountain Project.
All points in the agreement announced on 2 April 2008 remain valid, except for
the payment schedule which will be amended as follows: RMB 3 million payable by
20 June 2008 and the remainder of RMB 35 million payable upon the transfer of
interests related to the Snow Mountain Project from Nexon Group Limited (a
wholly owned subsidiary of Central China Goldfields plc) to the SBMGE.
The Company also wishes to announce that John Charles Forrest, a Non-Executive
Director of the Company, has decided to step down to pursue other business
interests.
Jeff Malaihollo, Central China Goldfields plc's Managing Director, comments:
"The devastating earthquake in Sichuan has meant that all Government offices in
Sichuan are concentrating their efforts and funds on the emergency rescue and
redevelopment of the earthquake hit areas. Furthernore, all the brigades of the
SBMGE are now working directly in the earthquake areas and funds from the SBMGE
are being used to support their work. These two factors have caused delays in
the transfer of payment according to the prior agreed schedule.
Despite this, the SBMGE remains committed to the agreement signed on 2 April
2008 and in the meantime will assist Central China Goldfields plc so that the
on-going drilling programme in Nimu will continue as planned.
Both SBMGE and the Company have now obtained the Sichuan Government approval
for the sale of the Snow Mountain Project and we are on course to obtain final
approval from the Central Government.
The Directors and employees of the Company would also like to thank John
Forrest for his immense contribution from the formation of the Company until
now and we wish him much success in future endeavours."
For Further Information:
Central China Goldfields plc Hanson Westhouse Limited
Dr. Jeffrey Malaihollo Anita Ghanekar / Martin Davison
Tel: 020 7621 0200 Tel: 020 7601 6100
Email: info@ccgoldfields.com
www.ccgoldfields.com
Neil Boom
Bishopgate Communications Ltd
Tel: 020 7562 3367
END
GGG Resources (LSE:GGG)
Historical Stock Chart
From Jun 2024 to Jul 2024
GGG Resources (LSE:GGG)
Historical Stock Chart
From Jul 2023 to Jul 2024