23/10/2009

The Company announced on 19 October 2009 that it had received notice from Kentor that it was exercising the options granted to it on 30 June 2009 under the Framework Option Agreement to acquire the entire issued share capital of Kaldora including the ancillary mining and construction fleet of the Andash Project. Since the Disposal would constitute a fundamental change in business (as defined by the AIM Rules), the consent of Shareholders to the Disposal is being sought and accordingly a notice convening a General Meeting of the Company is set out at the end of this document seeking such approval. This document also sets out below the investing policy that will be adopted by the Company upon completion of the Disposal and in respect of which Shareholder approval is also sought at the General Meeting in accordance with the requirements of the AIM Rules.