Acquisition Strategy Update


 

TIDMCGM 
 
RNS Number : 4874S 
China Goldmines PLC 
10 September 2010 
 

                         Update on acquisition strategy 
 
China Goldmines today provides an update to shareholders on progress with its 
investment plans. 
On 8 March the Company announced the result of its strategic review, the core 
principal of which is to examine projects where the Board believes shareholder 
value can be created using funds retained from the disposal of Westralian 
Resources pty. 
The disposal of Westralian Resources pty. completed on 29 September 2009 at 
which time CGM became an investing company.  Under the AIM Rules for Companies, 
CGM is required to complete a reverse takeover or otherwise implement an 
investing strategy, subject to shareholder approval within 12 months of becoming 
an investing company. 
The Company is continuing to evaluate investment propositions but acknowledges 
that it will no longer be able to obtain shareholder approval of any particular 
proposition in sufficient time to complete an acquisition prior to the 29 
September 2010 deadline under the AIM Rules.  The Directors therefore expect the 
trading of the Company's shares on AIM to be suspended at 07:00 on 30 September 
2010.  The Company will remain subject to the AIM Rules for Companies and any 
decision regarding a new project specific acquisition will remain subject to 
shareholder approval.  If a suitable proposition is not found a return of cash 
capital will be proposed to shareholders. In the event that the Company is 
unable to complete an acquisition by 31 March 2011 the admission of its ordinary 
shares to AIM will be cancelled. 
CGM is guarantor to warranties made to the acquirer of Westralian Resources pty, 
its former mining subsidiary with a maximum liability of $10m.  These warranties 
expire on 29 September 2010, save for any antecedent breaches claimed by the 
acquirer which have not been resolved. The Company is currently not aware of 
anything which may lead to a claim. 
Enquiries: 
+---------------------+-----------------------------+ 
| China Goldmines                                   | 
+---------------------------------------------------+ 
| Robert Adair        | Tel:      +44 7872 930 114  | 
+---------------------+-----------------------------+ 
| Marinko Vidovich    | Tel:      +61 8 6216 5200   | 
+---------------------+-----------------------------+ 
| Brewin Dolphin      |                             | 
| (Nomad)             |                             | 
+---------------------+-----------------------------+ 
| Alexander Dewar     | Tel:      +44 131 529 0276  | 
+---------------------+-----------------------------+ 
| Neil McDonald       | Tel:      +44 141 221 7733  | 
+---------------------+-----------------------------+ 
| Threadneedle        |                             | 
| Communications      |                             | 
+---------------------+-----------------------------+ 
| Laurence Read       | Tel:      +44 20 7653 9855  | 
+---------------------+-----------------------------+ 
| Beth Harris         | Tel:      +44 20 7653 9853  | 
+---------------------+-----------------------------+ 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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