Cambridge Mineral Resources plc
LSE : CMR

Cambridge Mineral Resources plc

December 12, 2008 09:00 ET

Placing

      Cambridge Mineral Resources plc / Ticker: CMR / Index: AIM / Sector: Mining & Exploration

                      Cambridge Mineral Resources plc ('CMR' or 'the Company')
                                               Placing

Cambridge  Mineral Resources plc, the AIM listed mining exploration and production company  primarily
targeting  precious metals in South America, has raised £135,000 before expenses through the  placing
of  13,500,000 new Ordinary Shares at 1p per share ('Placing Shares').  Each Placing Share will  have
one  warrant  attached with an exercise price of 2 pence with an exercise period of two  years.   The
funds  raised  in  the placing, which completes the Company's recent capital raising programme  which
commenced  on  7th November, will be used for general working capital purposes and to assist  in  the
development  of  its  portfolio,  particularly in South  America  where  it  has  recently  commenced
production in Colombia.

CMR's  Managing  Director  Colin  Andrew said, "CMR has entered  a  transformational  period  in  its
development  with  the advent gold production from our Quintana mine in Colombia.   These  additional
funds will provide general working capital for CMR as we continue in our stated strategy of acquiring
additional  exploration  projects  in South America and bringing  them  to  production  in  order  to
establish CMR as a low-cost producer of precious metals."

The  Placing Shares will represent approximately 3.8% per cent of the Company's enlarged issued share
capital  following  the  Placing, and will when issued, rank pari passu  in  all  respects  with  the
existing  issued  Ordinary Shares.  The placing is conditional, inter alia,  upon  the  new  Ordinary
Shares  being  admitted to trading on AIM for which application is being made  to  the  London  Stock
Exchange, and it is expected that admission will become effective, and trading in the Placing  Shares
will commence, on or around 18 December 2008.

In  addition,  in lieu of professional fees, the Company has also today issued 500,000  new  Ordinary
Shares for which application to trading on AIM has also been made.

The total number of Ordinary Shares in issue following the placing will be 369,115,704.

                                             ** ENDS **

For further information, visit www.cambmin.co.uk or contact:
Colin Andrew              Cambridge Mineral Resources plc                  +44 (0) 20 7663 5618
Managing Director                                                          candrew@iol.ie
Michael Burton            Cambridge Mineral Resources plc                  +44 (0) 20 7663 5618
Finance Director                                                           mburton@cambmin.co.uk
Gavin Burnell /           Ruegg & Co Limited                               +44 (0) 20 7584 3663
Roxane Marffy
Colin Rowbury             Religare  Hichens  Harrison plc                  +44 (0) 20 7382 7771
Tom Beattie               Haywood Securities (UK) Limited                  +44 (0) 20 7031 8018
Victoria Thomas           St Brides Media & Finance Ltd                    +44 (0) 20 7236 1177

Notes to Editor
Cambridge Mineral Resources plc is an AIM listed mining and exploration company focussed on  becoming
a  producer  of  precious metals with an output equivalent to 100,000 oz gold per  annum.   Primarily
targeting  precious  metals  in South America, its strategy is to acquire  established  resources  at
advanced stage exploration or near term production and develop them to economically mineable reserves
through  further  exploration.  The Company has a strong portfolio of  mineral  projects  at  varying
stages of commercialisation including its two key projects, the Quintana gold mine in Colombia, which
commenced production in November 2008, and the Rasuhuilca silver-gold mine in Peru.  The Company also
has  a  portfolio  of  assets in Europe, which it is currently in the process of  seeking  to  divest
through either joint-venture or sale.

 

Contact Information

  • Cambridge Mineral Resources Plc