Teknomining Plc

LSE : TEKP


April 18, 2013 12:46 ET

Board Update on Activities

                                                                                              18 April 2013
                                                Teknomining Plc.
                                                        
                                        ("Teknomining" or "the Company")
                                                        
                                           Board Update on Activities
                                                        
As indicated in the Chairman's Update on Activities announced on 29th January 2013, the Directors of the Company
have undertaken a review of available technical data and as part of this review the Board of Directors
commissioned five independent experts to report to them on the mining assets of the Company.
        
Having received the results of the independent expert reports and having considered the content of those reports
at a meeting of the Directors held on 15th April 2013; the Directors wish to highlight the following findings to
the Company's shareholders:
        
1.    Exploration work carried out to date on the Company's licences has not resulted in the outlining of
      mineral resources or reserves which conform to any recognised classification system.

2.    A considerable amount of additional exploration and metallurgical work would be required to be spent with
      no guarantee of success. The company would be unlikely to fund itself in this circumstance.

3.    Earlier announcements by the Company which indicated the presence of mineral "reserves" and "resources"
      are considered to be misleading and inaccurate. The statements claim the presence of resources of nickel; the
      presence of potential reserves of iron ore; the presence of large tonnages of copper bearing massive sulphides
      and commercial grades of nickel and cobalt.

4.    These statements do not conform to any regulatory framework for the public disclosure of information as
      established by recognised standard practices such as the Pan-European Code for Reporting of Exploration Results,
      Mineral Resources and Reserves; the Australian JORC Code or the Canadian NI 43-101 Regulations.

5.    A mining royalty contract with Turkish firm Teysel has lapsed.

6.    No in situ ore has been identified, previous studies were inconsistent and iron ore found to date is not
      fit for any mining operation.

7.    While the political situation in Eastern Turkey continues to improve, there remains considerable
      uncertainty as to whether mineral extraction can proceed unhindered.

8.    An agreement between the Company and a local landowner remains unfulfilled and failing completion of the
      agreement, the landowner will not allow access to his property, which is the Company's main target for copper and
      nickel.

The five independent expert reports are available on the Company's website www.teknomining.com


The Directors are currently examining the Company's financial position and expect to make an announcement on this
matter shortly.

The Directors of the issuer accept responsibility for this announcement.


Contact Details:

Teknomining Plc
Sean Finlay, Chairman
Phone: +353 1 4959276
Email: sean.finlay@teknomining.com
Website: www.teknomining.com

LHM Casey McGrath
Con Casey, Corporate Adviser
Phone: +353 1 495 9200
Email: con.casey@lhmcaseymcgrath.ie
        

Contact Information

  • Teknomining Plc