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South China Res PLC (UCL)

  Print      Mail a friend       Annual reports

Thursday 16 June, 2005

South China Res PLC


South China Resources PLC
16 June 2005

16 June 2005
                                                                       AIM: SCR

                   Acquisition of Copper Developments Pty Ltd

South China Resources Plc, ('South China Resources' or 'the Company') today
announces that it has exercised the option described in the AIM admission
document of 12 April 2005 conditionally to acquire the entire issued share
capital of Copper Developments Pty Ltd (the 'Acquisition'). The consideration is
to be satisfied by the issue of 36,000,000 new ordinary shares to the vendor on
completion and the issue of 20,666,668 Consideration Options on 30 June 2005.
10,333,334 Consideration Options are exercisable on or before 30 June 2007 at a
price of 35p per share, with the balance exercisable on or before 30 June 2009
at a price of 40p per share. Copper Developments Limited is an un-listed
Australian company which currently holds the rights to acquire up to 80% of the
Danfeng Copper/Molybdenum Deposit in Shaanxi, China (the 'Project').

The Project consists of one exploration licence which was issued to Shaanxi
Zhongbei Mining Development Ltd and is valid from 5 January 2005 until 31
December 2006. The total area of the Project is 10.6km(2).

Mineralisation in the district is well developed with numerous well-known iron,
copper, lead, zinc, gold, silver, antimony and fluorite occurrences. The Huang
Tai iron-copper mining and milling operation is located to the south of the
Project and has a throughput capacity of 500 tonnes/day.

The mining activity in the region has been in existence since the Tang Dynasty
e.g. Huang Tai iron-copper deposit(s).  Following the establishment of the
Peoples Republic of China in 1949, Shaanxi North West Nonferrous Geological
Exploration Brigades ('Geological Brigade') No. 106 and No. 713 were
commissioned by the Central Government to undertake preliminary regional iron
and copper exploration in the region.

Geological Brigade 713 conducted iron and copper exploration in an area of 2.2
km2 between Xia Men Gou, Huang Jia Gou and Xi Liang which is excised from the
Project area.  The Shaanxi Provincial Geological Mining Bureau, Geological Team
13 report that this exploration defined the following resources:

Copper Resource as calculated by Shaanxi Geological Brigade:

Indicated           - 6,228,409t @ 2.06% Cu (128,305t Cu metal).

Inferred            - 1,194,575t @ 0.45% Cu (5,376t Cu metal).

Iron Ore (Magnetite) Resource as calculated by Shaanxi Geological Brigade:

Indicated           - 3,322,127t @ 34.98% Fe

Inferred            - 663,636t @ 24.52% Fe

The copper resource (above) is hosted within a magnetite (iron ore) skarn.  The
magnetite gangue to the copper mineralisation comprises the iron ore resource
report above. Resources are calculated to Chinese standards and do not comply
with the JORC Code on reporting standards.

Copper Developments is currently owned by Steven Leithead, who will be appointed
Managing Director of the Company on completion of the Acquisition. Following
completion of the Acquisition, Mr Leithead will transfer 50 per cent. of the
consideration to Nathan McMahon, will be appointed as an Executive Director of
the Company.

Following completion of the Acquisition, Kent Hunter and David Hyde will resign
from the Board of the Company. Alastair Clayton will remain as Executive

Steven Leithead has gained a Bachelors degree in Geology as well as a Masters
Degree in Mineral and Energy Economics from Macquarie University in Sydney. He
is also a Member of the Australian Institute of Mining and Metallurgy (AusIMM)
and a Member of the Australian Institute of Company Directors (MAICD). Between
1983 and 1989 Steven worked for several exploration and mining companies in
Australia before joining the Australian Investment Development Corporation where
he worked in corporate and project finance for mining and resource projects in
Australia and New Zealand. Between 2000 and 2002 he was Project Manager -
Western Australian Office of Energy where he oversaw and executed the
deregulation of the Western Australian Gas Market. From 2002 to recently Steve
was Manager of Developments for GRD Minproc Limited, during which time he has
been involved in various mining projects including some in China. During his
career he has been involved in the discovery and development of mineral projects
in Australasia, Africa, Eastern Europe and the Former Soviet Union.

Nathan McMahon gained a Bachelors Degree in Commerce from the University of
Western Australia. Between 1992 and 1994 Nathan worked for a mining tenement
consultancy in Western Australia before becoming Manager of Operations at the Mt
Dimer Gold Mine. He was Managing Director of Evanston Resources, an Australian
exploration company from 2000 to 2001. Between 2001 and 2003 he was Managing
Director of Hamill Resources, an ASX-listed mining company before its eventual
takeover by International Gold Ltd. Nathan is currently the Managing Director of
Cazaly Resources, an ASX-listed mining company.

Further information on Steven Leithead and Nathan McMahon is set out in the
Appendix to this announcement.

The Acquisition is a reverse takeover within the meaning of the AIM Rules and,
as required by those rules, is subject to the approval of the Company's
shareholders in general meeting. Shareholder approval will also be required to
approve on a poll a waiver granted by the Panel in respect of the requirement
which would otherwise arise for Steven Leithead and Nathan McMahon (who are
considered to be acting in concert) to make an offer for the whole of the
Company (as the Acquisition will result in them holding up to 41.46 per cent. of
the voting rights of the Company).

Accordingly, an Extraordinary General Meeting ('EGM') has been convened for 30
June 2005. The EGM will be held at 10.00am at Level 2, 27 Albemarle Street,
London, W1S 4DW.


For further information, please contact:

South China Resources         Nabarro Wells & Co.        Hichens Harrison           Parkgreen Communications
Alastair Clayton              Hugh Oram                  Daniel Briggs              Cathy Malins / Annabel Leather
+44 20 7409 0890              +44 20 7710 7400           +44 20 7382 7776           +44 20 7493 3713


In addition to directorships of the Company, Steven Leithead and Nathan McMahon
hold or have held the following directorships or have been partners in the
following partnerships within the five years prior to the date of this document:

Name                          Current Directorships                       Past Directorships
Steven Leithead               Copper Developments Pty Limited             Adenia Investments Pty Ltd

                              Geminin Resources Pty Ltd                   Jingera Pty Ltd

                              Kyrgyz Pty Ltd                              Redpark Holdings Pty Ltd

Nathan McMahon                Cazaly resources Ltd (Aus.)                 Castlegem Pty Ltd (Aus.)

                              Graynic Metals Ltd (Aus.)                   Dempsy Resources Pty Ltd (Aus.)

                              Hayes Mining Ltd (Aus.)                     Evanston Resource NL

                              Kingsreef Pty Ltd (Aus.)                    International Goldfields Ltd (Aus.)

                              Northern Mining Ltd (Aus.)                  International Goldfields Ltd (Romania)

                                                                          Kimba Resources Pty Ltd (Aus.)

                                                                          Metal Sands Pty Ltd (Aus.)

                                                                          Hamill Resources Ltd (Aus)

Neither Steven Leithead nor Nathan McMahon has:

•         any unspent convictions in relation to indictable offences;

•         had any bankruptcy order made against him or entered into any
voluntary arrangements;

•         been a director of a company which has been placed in receivership,
compulsory liquidation, administration, been subject to a voluntary arrangement
or any composition or arrangement with its creditors generally or any class of
its creditors whilst he was a director of that company or within the 12 months
after he ceased to be a director of that company;

•         been a partner in any partnership which has been placed in
compulsory liquidation, administration or been the subject of a partnership
voluntary arrangement whilst he was a partner in that partnership or within the
12 months after he ceased to be a partner in that partnership;

•         been the owner of any assets or a partner in any partnership which
has been placed in receivership whilst he was a partner in that partnership or
within the 12 months after he ceased to be a partner in that partnership;

•         been publicly criticised by any statutory or regulatory authority
(including recognised professional bodies); or

•         been disqualified by a court from acting as a director of any
company or from acting in the management or conduct of the affairs of a Company.

                      This information is provided by RNS
            The company news service from the London Stock Exchange