ZZL Zeehan Zinc

    RNS Number : 3749Z
  Zeehan Zinc Limited
  18 July 2008
   


    Zeehan Zinc Limited
    (the "Company" or "Zeehan Zinc")

    Trading Update

    Sales Agreement Signed 

    The board of Zeehan Zinc is pleased to announce that it has entered into a contract for the sale of a trial amount of 500 tonnes of ore
to Zinifex Australia Limited (Zinifex).  The contract represents the commencement of a commercial relationship with Zinifex.  
      
    Change in Board Focus

    The Board has modified its focus to concentrate on resource enhancement, diversification and expansion.  The Board has approved initial
groundwork needed to begin exploration for nickel, and additional resource enhancement work at its Oceana and Comstock properties, and on
its exploration licenses.  The Board is considering strategic acquisitions with a view to growth and expansion.
      
    In order to meet these new objectives, the Board will review its capital structure. This review will be concluded on terms and
conditions which take into account the needs of all stakeholders, and particularly investors' long term investments in the resource
enhancement and subsequent operations of the Company. In the context of this, inter alia, the independent directors of the Board would like
advise that Creat Group Company Limited has requested a further extension to make payment of the outstanding �1,100,000 arising from the
Convertible Note Agreement (announced on 12 December 2007 and updated on 4 June 2008).  The independent directors are currently considering
this request and will advise their response shortly.

    The change in focus is expected to result in additions and/or changes to the management team  required  in refocusing the business on
resource enhancement and the continued progression on both the sale of ore and any surplus assets produced and acquired under the previous
focus.

    For further information please visit www.zeehanzinc.com or enquire to:

    Zeehan Zinc plc                                                       c/o Bankside
    Tad Ballantyne                                                           Tel: +44 (0)20 7367 8888

    Libertas Capital                                                       Tel: +44 (0)20 7569 9650
    Jakob Kinde, Aamir Quraishi

    Bankside Consultants                                             Tel: +44 (0)20 7367 8888
    Simon Rothschild, Oliver Winters


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