Further to the announcement dated 19
October 2011 in which the Company
stated that it had advised Sonatrach,
its joint venture partner in ENOR Spa
("ENOR"), that it had
decided to withdraw from its
participation as a shareholder of
ENOR, the operator of the Amesmessa
Gold Mine within the Tirek Amesmessa
Concession in Algeria, the Company
notes the recent press comment and
confirms that it is in discussions
regarding the sale of its holding in
ENOR to Sonatrach for a nominal
consideration, the terms of which are
yet to be finalised.
As set out in the 19 October
announcement, as ENOR is GMA's
only trading asset, the withdrawal
will result in a write-off of the
investment. In addition, the sale of
GMA's holding in ENOR would
result in a fundamental change of
business in accordance with AIM Rule
15. As and when the terms of the sale
are agreed a further announcement
will be made.
Enquiries:
GMA Resources Plc
|
Ken Crichton
|
+20 (0)10766 6118
|
Merchant Securities Limited
|
David Worlidge/Catherine Miles
|
+44 (0) 20 7628 2200
|
Notes to Editors:
GMA owns a controlling 52% stake in
ENOR spa ("ENOR"), the
Algerian based operating company for
the Tirek-Amesmessa project, with the
remainder owned by Sonatrach, the
Algerian state-owned oil and gas
company.
ENOR holds the exploitation
authorisation to the Tirek-Amesmessa
property, an area of some 1,417 km2,
located approximately 450km south
west of the city, Tamanrasset, in
southern Algeria. Amesmessa is an
open pit heap leach gold mine located
in the extreme south of the permit
area. The now closed Tirek mine site
is located centrally in the northern
third of the exploration permit area,
some 60 km north of Amesmessa.
GMA's shares are traded on the
AIM market of the London Stock
Exchange (AIM: GMA).
For further information on the
Company, please visit: