Colombian Mineral Resources plc

December 19, 2012 02:00 ET

Partial Delay of Payment Obligations

                                                                               19th December 2012

                                   Colombian Mineral Resources Plc
                                Partial Delay of Payment Obligations

Colombian Mineral Resources Plc ("CMR" or the "Company") wishes to inform the market that the  agreed
receivable  milestones  in  respect of the agreement entered into by the  company  with  Aerospace  &
Defence Partners Limited ("ADP") as previously announced  on  28th September 2012 have been partially
delayed by ADP. Details of the receivable dates and payment milestones are as follows;

Milestone Date        Receivable Amount                    Payment Status
4th July 2012         GBP 1,000,000                        GBP 981,903.06 received to date
4th October 2012      GBP 1,890,000                        Outstanding
4th January 2013      GBP 1,890,000                        Not yet due
4th April 2013        GBP 1,890,000                        Not yet due
4th July 2013         GBP 1,890,000                        Not yet due
4th October 2013      GBP 1,890,000                        Not yet due

The  3rd payment of GBP 1,890,000 is due on January 4th, 2013. Following recent discussions with  ADP
the Directors of CMR continue to pursue these payments to ensure that they are paid in due course.

The  ADP  Agreement also provides for interest payable to CMR at Euribor plus 5% in  respect  of  all
amounts payable under the terms of the agreement.

The Company remains actively engaged with third parties in seeking additional working capital to fund
its proposed business activities.

The Directors of the Company accept responsibility for the announcement.


Colombian Mineral Resources Plc
Tel: +34 648820093
Carlos Augusto Peña - Chairman

LHM Casey McGrath
Tel: +353 1 495 9200
Con Casey

Contact Information

  • Colombian Mineral Resources plc