PEM Latest Announcement

Looking good with possible merger coming up with Ranger?


HOMEX - Perth

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Perilya Limited ("Perilya") is pleased to advise that it has today
successfully completed the acquisition of the Broken Hill
lead-zinc-silver mine front Pasminco Limited (Administrators
Appointed) ("Pasminco").

Perilya has brought forward the three month and six month stage
payments to Pasminco, each of $5 million. All fixed payments due
under the Sale & Purchase Agreement amounting to $35 million have now
been made.

Pasminco will today make the entire workforce redundant and hand over
the mine to Perilya. Perilya will over the next few weeks complete a
repair and maintenance programme, workforce recruitment and safety
training induction programme, prior to commencing mine production in
late June.

T M Cliffon
MANAGING DIRECTOR