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Abonner La Mancha Resources Inc.

La Mancha Resources Inc.

Combination of Areva's International Gold Producing Assets With La Mancha Resources Inc. to Create an International Diversified Gold Producer

Vancouver, Canada (ots/PRNewswire)

La Mancha Resources Inc. ("La
Mancha"), and  Areva today announced that  they have agreed on
certain terms to combine the  international gold  producing and
exploration assets of Areva located in Australia, Sudan and  Côte
D'Ivoire with La Mancha's Argentina exploration assets, in exchange
for  Areva receiving 83,175,000 La Mancha common shares and 7 million
warrants to  purchase La Mancha common shares at an exercise price of
CAD$2.00, expiring  on the second anniversary of closing of the
transaction. Following the  completion of the transaction and after
the issue of other shares in  connection with the transaction
inclusive of a financing, Areva will own at  least 60% of the fully
diluted equity (excluding the 7 million warrants) of  the enlarged
company. Attributable gold production exceeded 100,000 ounces  for
both 2004 and 2005.
The transaction includes a private placement of La Mancha common
shares  of CAD$40 million at $1.50 per share raised through a banking
syndicate led  by Ocean Equities Ltd. of London, England, that will
result in the Company  having no debt, substantial cash flow from its
operations, and funds for a  significantly expanded series of
programs for exploration and mine  development projects.
The transaction is subject to, among other conditions, completion
of  satisfactory due diligence by both parties, the parties
completing a  definitive agreement to effect the transaction,
approval by competent  corporate body of Areva, approval by La Mancha
shareholders, and acceptance  by regulatory authorities.
Technical reports on the four principal mining projects conforming
to  National Instrument 43-101 are being finalized and will be made
public upon  regulatory acceptance.
An information circular will be delivered to La Mancha
shareholders in  the coming weeks following the setting of a date for
the requisite  shareholder meeting. The transaction is anticipated to
close prior to the  end of May, 2006.
ON BEHALF OF THE BOARD
Walter H. Berukoff
Chairman and CEO
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
TSX Venture Exchange Symbol: LMA

Contact:

For further information: please visit our website at
www.lamancharesources.com, or contact the Company at Tel:
+1-(604)-998-1250 or Fax: +1-(604)-998-1253 or email:
info@lamancharesources.com

Plus de actualités: La Mancha Resources Inc.
Plus de actualités: La Mancha Resources Inc.
  • 10.01.2006 – 19:56

    La Mancha to Acquire Four Gold Mines in Australia, Sudan, and Ivory Coast

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