Let's highlight some spots - We just got a whole lot bigger!
ASX: CVI NASD OTCBB: CTVWF FSE: C4Z ASX / MEDIA RELEASE December 6, 2007 Restructuring of Longonjo & Ucua CityView advises that in order to enhance its focus on its oil and gas interests in Angola and Cameroon, it has decided to restructure its Longonjo and Ucua holdings. As part of the continuing development of its operations in Angola, it has agreed to transfer its Longonjo and Ucua holdings, subject to contract, to Fortitude Minerals Limited (“Fortitude”) for 15 million shares of Fortitude at a price of US$1.39 per share This values our Longonjo and Ucua at:(US$20.85 million). CityView already owns 1,700,000 shares of Fortitude and upon allotment of the above shares will own a total of 16,700,000 shares out of a total issued capital of Fortitude of 51,700,000 shares, subject to the issue of any further shares by Fortitude to raise working capital. CityView plans to lift its holding in Fortitude to a controlling interest through a combination of further share subscriptions and share acquisitions. It is the current intention of Fortitude to apply for admission of its shares to trading on AIM or another appropriate public market during 2008. Fortitude owns, through its subsidiary Zebra Copper Limited, nine exploration licences in Angola covering prime mineral acreage in aggregate over 15,000 sq kms. Included in this area are five copper licences which run for several hundred kilometres along the western seaboard of Angola and encompass the greater part of the Upper Cuvo formation. Copper mineralisation has been reported along the entire length of the Upper Cuvo formation and could potentially be a new copper province.
Included amongst the copper licences is Cachoeiras de Binga on which over 6,000 metres of core has been drilled. A non JORC compliant resource of 7.1 million tonnes of ore grading 2.14% copper has been defined there already. The immediate objective of Fortitude is to bring this resource to a JORC standard. Also included in the portfolio is the Chipindo gold licence area with high gold grades reported in artisinal workings. Its geology is similar to the Minas Gerais gold area of Brazil. Fortitude has identified a first class management team with a proven track record and a skill set that is appropriate to implement the work programme. The Chairman of Fortitude is Ian Egan who was formerly General Manager Non-ferrous Metals with BHP. He is currently a non executive Director for Kenmare Resources plc, which is developing a large titanium minerals project in Mozambique. Fortitude lifts CityView to a new level in Angola through its wide spread of company-making projects and underpins the underlying value of CityView. Mark Smyth Chief Executive Officer
CVI Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
