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vanbrusselSep 5 2007, 11:57 AM
TAKE OVER OF New World Alloys Limited (NWA.ASX) BY Sino-Asia Mining and Resources plc (SAMR)
AIM-LONDON listing by mid October under the name of Congo Copper Corporation plc.
Nova Mining SPRL = Blister smelter
Macro Mining SPRL = Copper & Cobalt Smelter Project + Exploration Licence Applications + 80% Phoenix Resources (Exploration Licences)

The Directors of New World Alloys Limited (NWA) are pleased to advise that a meeting of shareholders of Sino-Asia Mining and Resources plc (SAMR) was held on Monday 20 August 2007 at which the shareholders of SAMR approved the proposed transaction to purchase NWA’s assets in the Democratic Republic of Congo and the change of name to Congo Copper Corporation plc.

Under the Agreement, NWA will transfer its interest in two of its subsidiaries, Nova Mining SPRL (Nova) and Macro Mining (Macro) (which in turn owns 80% of Phoenix Resources) for the issue of 166,666,667 shares in the capital of SAMR at a deemed issue price of 2p each (Consideration Shares). SAMR have already raised some GBP₤2.2m and intends to seek admission to the Alternative Investment Market in London (AIM) around mid October.

On or before Settlement, NWA will enter into an exploration joint venture agreement (with Phoenix and Macro) in respect of the exploration licences held by Phoenix (Exploration Licences) and exploration licence applications held by Macro (Exploration Licence Applications). Pursuant to the joint venture agreement, NWA will retain a 30% interest in the Exploration Licences and Exploration Licence Applications and will fund 30% of all expenditure incurred in respect of the Exploration Licences and Exploration Licence Applications.

SAMR will use the funds raised referred to above to bring the 3 copper cupolas owned by Nova back into production, to carry out initial investigation of the Exploration Licences and Exploration Licence Applications and to fund investigation of on-site concentration of lower grade oxide ores.
Following Settlement Mr Ian Cornelius and Mr Gerard Zytkow will be appointed to the Board of SAMR representing NWA.

http://www.newworldalloys.com/index.html
http://www.aussiestockforums.com/forums/sh...ad.php?p=195461

Background of the Congo Assets
-Nova operates and is the legal and beneficial owner of certain industrial land and plant located in Lubumbashi in the DRC. These include three copper cupolas and allied equipment necessary for the purchasing, transporting, smelting and general processing of copper ores (Copper Cupolas).
-Phoenix is the legal and beneficial owner of certain exploration licences including PR no: 7427 and Carte 59/29 of 117 carres located in Haute Katanga, DRC (Exploration Licences). Macro is the legal and beneficial owner of a number of exploration licence applications (Exploration Licence Applications).
-Nova, Phoenix and Macro require funding of US$2 million in order to bring the Copper Cupolas back into production, to carry out initial investigation of the Exploration Assets and to fund investigation of on-site concentration of lower grade oxide ores (together, the Operations



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