Alexander Mining plc

March 01, 2011 07:00 ET

Alexander Mining plc-Completion of the Sale of Alexander Gold Group Limited

LONDON, UNITED KINGDOM--(Marketwire - March 1, 2011) - Alexander Mining plc ('Alexander' or the 'Company') (TSX VENTURE:AXD)(AIM:AXM) is pleased to announce that, further to its announcement of 20 December 2010 regarding a signed letter of intent, it has completed the sale of its wholly owned subsidiary Alexander Gold Group Limited ('AGGL'), the holding company for the Company's Argentina assets, for a total consideration of US$2.2 million.

As previously announced, the total consideration is US$2.2 million, of which US$400,000 was received on execution of the legally binding sale and purchase agreement ('SPA'), and 18 monthly payments of US$100,000 each are due, commencing in March 2011 (the 'deferred consideration'). Signing of the SPA was accompanied by Alexander being granted security over certain assets owned by the purchaser to provide a guarantee in relation to the deferred consideration.

Martin Rosser, CEO of Alexander, said:

"We are pleased to have completed the sale of our subsidiary. Alexander has now completed the refocusing of its business strategy on its proprietary leaching technology, especially AmmLeach®. As has been mentioned, if the purchaser wishes to develop a mine in Argentina using AmmLeach® then, subject to the execution of a separate agreement, we would be pleased to agree a licence on our standard commercial terms."

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Alexander Mining plc
    Martin Rosser
    Chief Executive Officer
    Mobile: + 44 (0) 7770 865 341
    Alexander Mining plc
    Matt Sutcliffe
    Executive Chairman
    Mobile: +44 (0) 7887 930 758
    Alexander Mining plc
    1st Floor, 35 Piccadilly
    London, W1J 0DW
    +44 (0) 20 7292 1300
    +44 (0) 20 7292 1313 (FAX)
    Ambrian Partners Limited
    Nominated Advisor and Broker
    Samantha Harrison / Jen Boorer
    +44 (0) 20 7634 4700
    Britton Financial PR
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    Tim Blackstone
    +44 (0) 20 7242 9786