Commencement of El Valle Royalties

RNS Number : 9350H

Anglo Pacific Group PLC

06 June 2011

 

News Release

June 6, 2011

Anglo Pacific Group PLC

El Valle-Boinas/Carles Gold, Silver and Copper Royalty Flow to Commence

Anglo Pacific Group PLC ('Anglo Pacific') (LSE: APF) (TSX: APY) is pleased to announce that the first royalties from Orvana Minerals Corp's El Valle-Boinas gold-copper mine in Northern Spain are expected to commence in the quarter ended June 30, 2011.

Orvana Minerals Corp announced on Friday June 3, 2011 that its wholly owned subsidiary Kinbauri Espana SLU had started the commissioning of its El Valle-Boinas/Carles (EVBC) gold-copper mine on May 31, 2011, with the first shipment expected in June.

The Orvana Minerals Corp announcement stated:

"EVBC will initially produce at 70% capacity, increasing to its full annual target production levels of over 100,000 ounces gold, 3,900 tonnes copper and over 150,000 ounces of silver once the shaft is completed in early 2012.  Currently over 75,000 tonnes of ore are stockpiled, sufficient for about two months of production."

Anglo Pacific holds a 2.5% net smelter royalty, increasing to 3% where the gold price exceeds US$1,100 per ounce, on the El Valle-Boinas and Carles mines. The royalty was acquired on March 10, 2008 for C$7.5million .

Anglo Pacific Group PLC is also pleased to announce that Pelham Bell Pottinger has been appointed as public relations advisors.

For further information:

Anglo Pacific Group PLC                                                                                   [phone]

Peter Boycott, Chairman

John Theobald, Chief Executive Officer

Matthew Tack, Finance Director

Liberum Capital                                                                                                  [phone]

Chris Bowman

Christopher Kololian

Pelham Bell Pottinger                                                                                       [phone]

Lorna Spears

Website:                                                                                                    www.anglopacificgroup.com

Important notice

This news release contains forward-looking statements based on assumptions and reflects Anglo Pacific's expectations, estimates and projections of future events as of the date of this release. Forward-looking statements include, without limitation, statements regarding the performance, prospects, opportunities, priorities, targets, goals, objectives, strategies, growth and outlook of Anglo Pacific. Often, but not always, forward-looking statements can be identified by the use of words such as "expects", "anticipates", "plans", "believes", "estimates", "seeks", "intends", "targets", "projects", "forecasts", or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements are based upon certain material factors and assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions and analyses made by Anglo Pacific in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate in the circumstances. Also, forward-looking statements involve known and unknown risks, uncertainties and other factors that are beyond the Company's control and which may cause the actual results, performance or achievement to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such material factors and assumptions and risks and uncertainties include, among others, those described in the Company's annual information form dated as at June 29, 2010 (available on Anglo Pacific's website and at www.sedar.com), which are incorporated by reference into this release and qualify any and all forward-looking statements made in this release.

Although Anglo Pacific has attempted to identify factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that actual results will be consistent with these forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements herein relate only to events or information as of the date on which the statements are made and, except as specifically required by law, Anglo Pacific undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise.

 

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