January 29, 2013 11:08 ET
29 January 2013
("Teknomining" or "the Company")
Chairman's Update On Activities
As outlined by the newly elected board at the Company's Annual General Meeting held on 28th
December 2012, the directors have, since that date been undertaking a thorough review of the
assets and liabilities of Teknomining with a view to determining a future course of action for the
This review which is ongoing and is due for completion by April next, comprises three main and
A. An evaluation of all technical data.
B. Site visits to the exploration areas in Turkey including meetings with local
communities, technical and professional advisors and contractors.
C. An assessment of the financial affairs of the Company.
Following an initial recent visit to Turkey by myself and co-director Matt Farrell, accompanied by
Dr. John Colthurst, Consulting Geologist, our interim findings and resultant actions are as
1. Eastern Turkey has undoubted mineral potential as evidenced by historical mining for iron,
chromite and copper, and recent developments of copper and gold mines.
2. The Company's licences and permits are in good standing.
3. Work to date on the Teknomining owned licences has identified targets for iron and copper
mineralisation which warrant further investigation. However, work to date is not sufficient to
enable the reporting of Mineral Resources or Reserves which conform to any recognised
4. The directors have reviewed and edited the Company's website with a view to providing a
balanced view of exploration results to date.
5. It appears that Mining Royalty Contractor, Teysel is not in a position to proceed with the
development of iron ore mining and sales until April of this year at the earliest, pending a
review of the prospect area by Teysel's Chinese partner, China Light; this review is scheduled for
6. The political situation appears to be improving as evidenced by ongoing talks between the
Turkish Government and the Kurdish PKK movement.
7. At this time, it appears to the Board that with appropriate community relations policies
in place, that exploration and development is viable on Teknomining's more immediate prospects
near Kulp. However, it is not possible to determine at this point when exactly this further
exploration and development is likely to commence.
8. A further visit to Turkey is planned in February by Dr. Roger Norwich (Director) and he
will be accompanied by a leading iron ore geologist. This visit and the planned review by Teysel
during April will better inform the Board as to future exploration and development direction of
I thank all shareholders for their continuing support and your Board will keep you informed of
The directors of the issuer accept responsibility for this announcement.
Sean Finlay, Chairman
Phone: +353 1 4959276
LHM Casey McGrath
Con Casey, Corporate Adviser
Phone: +353 1 495 9200
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