(�Niger Uranium� or the �Company�) Acquisition of substantial interest in Kalahari Minerals PLC Niger Uranium, the uranium focused exploration and investment company with interests in the Republic of Niger, Africa, announces that it has acquired 20,000,000 ordinary shares (�Kalahari Ordinary Shares�) in Kalahari Minerals PLC (�Kalahari Minerals�), representing 17.8 per cent. of Kalahari Minerals� existing issued share capital, at a price of 50p per Kalahari Minerals ordinary share (the �Purchase�). In addition, Kalahari Minerals has announced today the terms of a conditional placing of 46,080,000 new Kalahari Ordinary Shares at a placing price of 31.25p per Kalahari Ordinary Share (the �Placing Price�). Niger Uranium has conditionally subscribed for a further 7,680,000 new Kalahari Ordinary Shares pursuant to the placing at the Placing Price (the �Subscription�). Accordingly, on completion of the Purchase and the Subscription, Niger Uranium will own 27,680,000 Kalahari Ordinary Shares representing approximately 17.5 per cent. of the enlarged issued share capital of Kalahari Minerals. The Directors of Niger Uranium believe that the acquisition of a substantial stake in Kalahari Minerals provides Niger Uranium with interests in nearer-term potential uranium production and a diversification of its uranium portfolio into Namibia, a country with a reputation for having a positive approach to the development of mining projects. Kalahari Minerals is an AIM-listed exploration and development company whose principal asset is a 36.2 per cent. interest in Extract Resources Limited (�Extract Resources�), an ASX-listed uranium exploration and development company with uranium exploration licences in Namibia, Africa. Extract Resources is not producing and while it has commenced drilling, has not declared any resources or reserves. Kalahari Minerals� interest in Extract Resources is currently valued at approximately �35 million (based on the latest Extract Resources share price). In addition to its shareholding in Extract Resources, Kalahari has interests in the Dordabis and Witvlei copper exploration properties, also located in Namibia, Africa, in the Kalahari copper belt. In respect of the Dordabis property, Kalahari Minerals has a JORC compliant preliminary resource. Drilling has commenced on the Witvlei property but no resources or reserves have yet been declared. The consideration for the Purchase is �10,000,000 which has been satisfied by a cash payment of �5,070,000 (financed from the Company�s existing cash balances) and the issue of 17,000,000 new Niger Uranium ordinary shares of US$0.01 each (�Ordinary Shares�). In addition, the cost of the Subscription is �2.4 million (also to be financed from the Company�s existing cash balances). Application will be made for the new Ordinary Shares to be admitted to trading on AIM, following which Niger Uranium�s enlarged issued share capital will amount to 100,000,000 Ordinary Shares. Admission of the new Ordinary Shares is expected to become effective on 31 March 2008. James Mellon, Non-Executive Chairman of Niger Uranium, said: �Niger Uranium�s strategy continues to build and develop a high quality portfolio of uranium assets and interests in exploration and investment companies alongside the development of its wholly-owned uranium exploration projects in Niger. �The acquisition of this substantial investment in Kalahari Minerals gives Niger Uranium an interest in nearer-term potential uranium production and also takes it into a second African country, Namibia, which is recognised as having a positive approach to the development of mining projects.� Kalahari Minerals reported an audited loss before taxation of �1,443,000 in the period from 1 January 2006 to 31 December 2006. In the six months ended 30 June 2007, Kalahari Minerals reported an un-audited profit before taxation of �10,107,000, which included a profit of �12,047,000 in respect of its share of profit from associates. Audited total shareholder equity as at 31 December 2006 amounted to �5,332,000 and as at 30 June 2007 amounted to �16,635,000. The acquisition is not expected to have a material impact on Niger Uranium�s earnings in the current year. Contacts: Niger Uranium Limited James Mellon, Non-Executive Chairman Ian Stalker, Executive Deputy Chairman and Chief Executive Officer Tel: + 27 82 404 36 37 Beaumont Cornish Limited Roland Cornish / Michael Cornish Tel: + 44 (0) 20 7628 3396 Haywood Securities (UK) Limited Thomas Beattie Tel+ 44 (0) 20 7031 8011 Financial Dynamics Ben Brewerton Tel + (0) 20 7831 3113 ENDS
Niger Uranium Limited
(URU.L - Currency GBp) Share price data is delayed by at least 15 minutes Price 19.50 Today's Open 21.75 Change -2.25 Today's High 21.75 % Change -10.34 Today's Low 19.50 Bid 19.00 Previous Close 21.75 Ask 20.00 52 Week High 76.50 Volume 39,353 52 Week Low 19.50
Ian Stalker aged 55 Executive Deputy Chairman
Mr. Stalker was the Chief Executive Officer of UraMin, a London- and Toronto-listed uranium company from July 2005 until its acquisition by Areva in August 2007 for US$2.5 billion. He has over 30 years of mining experience in Europe, Africa and Australia and has worked his way up from operational roles in base and precious metals companies to senior project development and director positions with some of the largest mining companies in the world. Prior to joining UraMin, Mr. Stalker was at Gold Fields Ltd., the world’s fourth largest gold producer. At Gold Fields, he managed the company’s PGE project in Finland starting in 2001 and eventually became a Vice President and responsible for all of the company’s projects in Australia and Europe in 2004. Prior to Gold Fields, he worked at Lycopodium, an engineering, mining, and metallurgical consultancy company, where he was responsible for new business in Africa and also managed projects around the world. From 1998 to 2000, Mr. Stalker worked as a consultant on various projects located in Africa, including the Langer Heinrich uranium project in Namibia. He also worked as a managing director at Ashanti Goldfields Company Limited from 1996 to 1998, where he was responsible for implementation of all the company’s large-scale projects in Africa. Mr. Stalker has been employed by Caledonia Mining Corporation (1995 to 1996), AGC Ltd. (1987 to 1995) and Zambia Consolidated Copper Mines Ltd. (1974 to 1987). Mr. Stalker is a current Director of Templar Minerals Limited. He holds a BSc. in chemical engineering.
Gordon Cassidy aged 62 Finance Director Mr Cassidy has spent twenty years in Africa and has worked in Zambia, Kenya, Nigeria, Zaire and Mozambique. He transferred back to the United Kingdom in 1987, where he held the position of UK Finance Director with Crown Cork and Seal Co. Inc, a leading metal packaging manufacturer. He was also a Finance Director at a private hospital operated by BMI, the UK’s leading provider of acute care private medical facilities. Previously, Mr Cassidy was Group Financial Controller for UraMin Inc.
I OWN EXT I AM NOT A PROFESSIONAL ADVISOR ALWAYS SEEK PROFESSIONAL ADVISE WHEN BUYING OR SELLING.
EXT Price at posting:
0.0¢ Sentiment: ST Buy Disclosure: Held
(20min delay)