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 CORPORATE UPDATE OPTION AGREEMENT BISHOP TUNGSTEN MINE
* Sirius Exploration reports due diligence going well in China * Option extended to 30th September 2008 due to Beijing Olympic delays Richard Poulden and Derek Stonley, Directors of the Company, visited China at the end of June 2008 to conduct due diligence before exercising the Option Agreement with CIC Mining Resources Limited (“CICR”) and Judian Group Shareholders (the “vendors”) as announced on 19 June 2008. In addition to the work with our prospective partners in Beijing they also visited the site of the Bishop Tungsten Mine near Nanning to examine the mine operations and processing and also take random ore samples which have been examined in England by Christopher Blake, an experienced specialist in process and ore mineralogy. East Capital Law Firm in Beijing is conducting the legal due diligence on the transaction which is progressing well. East Capital has a track record in this type of transaction and numbers various international investment funds amongst its clients. A video of the mine site visit is available as a download on the Sirius Exploration web site: www.siriusexploration.com During the visit to China extensive geological data was also reviewed and is in the process of being digitized using Micromine for future mine and processing planning. The Option Agreement has also been extended to 30 September 2008, upon a request by the Board of the Company due to due diligence studies being halted during the Olympic Games in Beijing, China. Derek Stonley Director and former Rio Tinto Geologist comments after the mine visit in China: “The Bishop Tungsten Mine represents a rare opportunity for entry into mining in an attractive sector in China.” Chairman Richard Poulden stated: “The work with our Chinese partners has progressed extremely well and we have been most impressed by the quantity and organization of the data available. Subject to the result of our due diligence, we look forward to concluding this transaction and expanding our presence in China.” On Behalf of the Board of Directors SIRIUS EXPLORATION LIMITED. Richard Poulden Chairman Enquiries welcomed, for further information please contact the Company: Website: www.siriusexploration.com Sirius Exploration Share Price
Background note Sirius Exploration Sirius Exploration PLC (AIM: SXX) is quoted on the Alternative Investment Market of the London Stock Exchange Ltd in London. The Company acquires and explores mineral properties.and is currently exploring for copper and gold on its porphyry copper mineral properties located in Macedonia. The Company has an agreement with Phelps Dodge (now a subsidiary of Freeport McMoRan Copper & Gold Inc) and has completed a drilling program at their exploration sites in Macedonia. It also has an agreement with Rio Tinto to utilise their Macedonian database to identify further exploration opportunities. Option on world’s leading Chinese tungsten producer Bishop Mine On 19 June, 2008, Sirius Exploration announced that it had been granted an option to acquire tungsten mining and production assets in Jiangxi Province and Guangxi Province in China. Subject to due diligence, the initial interest of 10% is to be acquired for £6 million in ordinary shares of Sirius Exploration, which have been valued at 22 pence per ordinary share, plus £2 million in cash. The further 15% of equity to take the total purchased by Sirius Exploration to 25% will be on the same cash pricing terms (six hundred thousand pounds for each percent) as the initial tranche. |
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