Richland Resources Ltd Sales Update and Proposed Board Changes (8069B)
January 15 2018 - 2:00AM
UK Regulatory
TIDMRLD
RNS Number : 8069B
Richland Resources Ltd
15 January 2018
15 January 2018
Richland Resources Ltd
("Richland" or the "Company")
Sales Update and Proposed Board Changes
Richland (AIM: RLD), the gemstones producer and developer, is
pleased to announce a sales update in respect of rough and cut
sapphires sold by its wholly owned subsidiary Capricorn Sapphire
Pty Limited since its prior market update of 13 November 2017 and
certain proposed Board changes. All figures are unaudited.
Capricorn Sapphire Sales Highlights:
-- US$183,399, in total achieved from the sale of 278,270 carats
("cts") of cut and rough sapphires in the period from 4 November to
31 December 2017 (the "November to December Sales Period")
-- Sapphire sales during the period were classified into three categories as follows:
- Lower Quality Sapphire / Corundum
- Higher Quality Sapphire
- Cut sapphire
-- Total sales of US$545,025 achieved in Q4 2017 from the sale
of, in aggregate, 2,648,540 cts of cut and rough sapphires
-- Significant sapphire stock remains available for sale when
market demand improves and the Company's minimum reserve prices are
met
During the November to December Sales Period, the rough heated
and unheated sapphires, as well as cut sapphires, that were sold
included seven parcels but no commercial quality sapphires.
A summary of the sales revenue of US$183,399 achieved during the
November to December Sales Period is set out below.
Category US$ Value Carats Sold US$ /
Ct
Lower Quality Sapphire
/ Corundum 9,056 238,850 0.04
Higher Quality Sapphire 156,300 39,095 4.00
Cut Sapphire 18,043 325 55.52
---------- ------------
183,399 278,270
A summary of the total sales revenue of US$545,025 achieved
during Q4 2017 is as follows:
Category US$ Value Carats Sold US$ /
Ct
Lower Quality Sapphire
/ Corundum 85,627 2,449,581 0.035
Commercial Quality Sapphire 175,312 119,122 1.47
Higher Quality Sapphire 266,043 79,513 3.35
Cut Sapphire 18,043 325 55.52
---------- ------------
545,025 2,648,540
Proposed Board Changes
Dr. Bernard Olivier has advised the Company of his intention to
resign as Chief Executive Officer to pursue his other interests. He
will remain as a director of the Company whilst the Board finalises
the appointment of a new Chief Executive Officer. The appointment
process for his successor is well advanced and the Company will
make a further announcement in due course. During the transition
period the Company's Chairman will be leading shareholder
communication.
Edward Nealon, Non-Executive Chairman of Richland, today
commented:
"Whilst sapphire prices remain affected by buyers sourcing
gemstones derived from illegal mining activity in Madagascar, we
will continue to sell where our reserve prices are met, maintain a
flexible production model and conduct exploration work to identify
higher grade areas on our Capricorn Sapphire licence area.
"I would like to thank Bernard for his significant contribution
to the Company from his early days as an exploration geologist
through to his more recent role as Chief Executive Officer, and I
look forward to announcing his successor in the near future."
For further information, please contact:
Edward Nealon Mike Allardice
Chairman Group Company Secretary
+61 409 969 955 +852 91 864 854
Nominated Adviser Broker
Strand Hanson Shore Capital Stockbrokers Ltd
Limited Jerry Keen (corporate broking)
James Harris Toby Gibbs / Mark Percy (corporate
Matthew Chandler finance)
James Dance +44 (0) 20 7408 4090
+44 (0) 20 7409
3494
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014.
Further information is available on the Company's website:
www.richlandresourcesltd.com. Neither the contents of the Company's
website nor the contents of any website accessible from hyperlinks
on the Company's website (or any other website) is incorporated
into, or forms part of, this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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