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Pan PacificAggregate (MXO)

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Tuesday 05 January, 2010

Pan PacificAggregate

Quarry Access Road Agreement

RNS Number : 9973E
Pan Pacific Aggregates PLC
05 January 2010
 



PAN PACIFIC AGGREGATES PLC


Quarry Access Road Agreement Signed


The Board of Pan Pacific Aggregates plc (the "Company"), the British Columbia based aggregates company, announces that the Construction and Access Agreement (the "Agreement") has been signed with the City of Abbotsford.  The Agreement allows the construction of the new by-pass for access to Quadling Quarry (previously Pumptown Quarry).  Completion of the road, estimated to take 6 weeks, will allow the Company to commence deliveries to customers from previously processed stockpiles of material.  The Company has agreed the conditions of the soil permit to allow processing of the shot rock produced during the pioneering work.


Originally, the Agreement stated that the Company and its joint partner, Fill Tech Industries Ltd, would be responsible for the future maintenance costs of the by-pass road.  This has been amended such that it is now agreed that the road may be dedicated to the public through the City of Abbotsfordin which case future maintenance will revert to the City of Abbotsford following a 12 month retention period.


ThAgreement is to be presented to the City of Abbotsford council at a ratification meeting on 11 January 2010 with an officer's recommendation to approve.


William Voaden, Managing Director commented:


"I am very pleased that the development agreement has been signed which allows the construction of the road following ratification by the counciland immediately thereafter the processing of the shot rock should begin.  This will allow sales and cash flow to follow within 6 weeks from the commencement of road construction.


"The pioneering work at the quarry has gone exceptionally well and we look forward to a very active and productive 2010."


5 January 2010


For further information, please see the Company's website (www.panagg.com) or contact:

Pan Pacific Aggregates plc

Tel: +44 (0) 20 7096 9580

William Voaden


Astaire Securities plc

Tel: +44 (0) 20 7448 4400

William Vandyk / Avi Robinson


VSA Capital Limited

Tel: +44 (0) 20 7096 9589

Paul Backhouse


Lothbury Financial Limited

Tel: +44 (0) 20 7011 9411

Michael Padley / Ron Marshman




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