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La Mancha to Acquire Four Gold Mines in Australia, Sudan, and Ivory Coast
Vancouver (ots/PRNewswire) -
- TSX Venture Exchange Symbol: LMA
Mr. Walter H. Berukoff, Chairman and CEO of La Mancha Resources Inc. is pleased to announce that Red Lion Management Ltd. has been selected by a French energy multinational as the preferred purchaser of all the assets comprising the vendor's gold business unit. The Board of Directors of La Mancha has approved an agreement with Red Lion, a related party, granting La Mancha the right to acquire the assets on terms to be finalised, which will include payment in common shares of La Mancha to Red Lion. The gold business being acquired consists of major interests in four mines: two in Australia, one in Sudan, and one in Ivory Coast, plus substantial exploration tenements in all three countries. Attributable gold production exceeded 100,000 oz for both 2004 and 2005. La Mancha will purchase the assets as a going concern and retain the key management and personnel currently operating these mines and directing the exploration programs within the respective countries.
Red Lion and RP Capital Group, Ocean Equities Ltd., and other members of a banking syndicate are raising in excess of CDN$100 million in a mix of debt and equity financing to provide for the completion of the transaction.
The agreement is subject to the completion of satisfactory due diligence, completion of a definitive sale and purchase agreement, approvals by the boards of directors of vendor and purchaser, approval by the disinterested shareholders of La Mancha, and acceptance by regulatory authorities. Because of a confidentiality agreement, La Mancha is not permitted to provide complete technical details of the assets at this time. In due course, La Mancha will provide National Instrument 43-101 compliant information concerning the technical and financial aspects of the assets, as well as complete details of the transaction.
On behalf of the board
Ian D. Brown, Chief Financial Officer
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
ots Originaltext: La Mancha Resources Inc.
Im Internet recherchierbar: http://www.presseportal.ch
JJ Jennex, Investor Relations, +1-604-998-1250,
email@example.com; D. Saradhi Rajan, RP Capital Group,
+44-207-245-8661, firstname.lastname@example.org; Guy Wilkes, Ocean
Equities Ltd., +44-207-786-4372, email@example.com; Red
Lion Management, +1-604-980-4858, firstname.lastname@example.org