🕐01.06.12 - 08:54 Uhr
VILLAGE RECEIVES SECTION 11 APPROVAL FOR THE ACQUISITION OF CONS MURCH
Village press announcement
1st June 2012
Village receives Section 11 approval for the acquisition of Cons Murch
Village is pleased to announce that it has received Section 11 approval from
the South African Department of Mineral Resources ("DMR") for the
acquisition of 74% of Consolidated Murchison Mine (Pty) Limited ("Cons
Murch"), which owns the Cons Murch Mine, from To The Point Growth
Specialists (Pty) Limited ("TTP").
Village shareholders approved the acquisition of Cons Murch from TTP during
March 2011.
TTP initially acquired Cons Murch from Metorex Limited
("Metorex") in 2010.
On acquisition Metorex held an old order mining right
and Village assumed responsibility to obtain conversion of the old order
mining right to a new order mining right, before application could be made
to the DMR for section 11 approval for the acquisition from Metorex.
Section
11 approval was the last remaining condition to the acquisition by TTP and
the subsequent acquisition by Village of Cons Murch from Metorex.
Marius Saaiman, joint CEO said: "This is an important milestone for Village
as we are now the legal owners of the new order mining right allowing us
full flexibility in dealing with this asset.
The DMR was most helpful during
the conversion process and we thank them for their support and guidance
throughout this important process."
ENDS
Contacts:
Village Joint CEO | Marius Saaiman | | 082
458 3420
Vestor | Media and Investor Relations | Louise Brugman |
| 011 787 3015 | 083 504 1186
Logo_sharper02
media & investor relations
louise brugman
managing director
Tel: +27 (0) 11 787 3015
Cell: +27 (0) 83 504 1186
skype louise.brugman
Email:
Web: www.vestor.co.za
Products & Services | Jobs
|