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GCM Resources PLC (GCM)

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Wednesday 20 October, 2010

GCM Resources PLC

Sale of Aura JV

RNS Number : 6783U
GCM Resources PLC
20 October 2010
 



 

Date:  20 October 2010 

 

GCM RESOURCES PLC

(AIM: GCM)

 

SALE OF INTEREST IN GCM AURA JOINT VENTURES

 

GCM Resources plc ("GCM") has reached agreement with Aura Energy Limited ("Aura") for the sale of its interests in the Aura/GCM West African Alliance and joint venture projects to Aura.  GCM will receive consideration of US$1.4 million on completion and a further US$0.5 million on the first anniversary of completion.  Additional consideration may become payable if certain resource targets are met.  Completion is conditional on Aura successfully completing its due diligence.

 

GCM's Chief Executive Steve Bywater commented "The alliance with Aura was very successful in identifying a number of prospective opportunities in West Africa.  However, as the focus for GCM is the Phulbari Coal Project in Bangladesh, the development of which is awaiting the approval of the Government of Bangladesh, this transaction is in the best interests of both companies."

 

 

For further information:

 

GCM Resources plc

Steve Bywater

Chief Executive

 +44 (0) 20 7290 1630

 

Graham Taggart

Finance Director

+44 (0) 20 7290 1630

 

Pelham Bell Pottinger

Charles Vivian

44 (0)207 861 3126

 

Klara Kaczmarek

+44 (0)207 861 3883

J.P. Morgan Cazenove

Nominated Adviser

 

Michael Wentworth-Stanley

 

+44 (0) 207 588 2828


 

GCM Resources plc


Tel: +44 (0) 20 7 290 1630, Fax: +44 (0) 20 7290 1631


info@gcmplc.com; www.gcmplc.com

 

 


 


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