🕐04.02.10 - 02:38 Uhr
Q COPPER IPO DEFERRED
CAPE LAMBERT IRON ORE LTD
ASX Announcement/Media Release
4 February 2010
Q COPPER IPO DEFERRED
Key Points:
Cape Lambert Resources Limited to withdraw the Q Copper initial public
offering until market conditions are more favorable;
Decision results from current adverse market conditions;
Near mine extension and regional exploration drilling to proceed as
planned.
Australian Resources and Investment Company, Cape Lambert Resources Limited
(ASX: CFE) ("Cape Lambert" or "the Company") advises that it is withdrawing
the Q Copper Australia Limited ("Q Copper") initial public offering ("IPO")
at this time due to recent adverse market conditions.
The boards of Q Copper and Cape Lambert, together with the Lead Manager to
the IPO, Patersons Securities Limited, having regard to global market
uncertainty due to a variety of recent issues affecting both stockmarkets
and in particular commodities markets, believe it is prudent to withdraw
the IPO until market conditions improve.
In the interim, the Company intends to proceed with its planned exploration
drilling program at the Lady Annie Project ("Lady Annie"), where the
initial focus is on upgrading and adding to the defined resources at the Mt
Kelly Mining Area and Anthill-Python prospects.
The first reverse
circulation drill rig remains on schedule to arrive at Lady Annie on or
about 24 February 2010 (refer ASX release dated 14 January 2010 for full
details of the drilling program).
The Company, Q Copper and Patersons wish to thank all investors for their
support and commitment to the IPO.
Application monies will be refunded to
investors in the next few days.
Cape Lamberts Executive Chairman, Mr Tony Sage said "Whilst we are
disappointed with the deterioration of the market in recent weeks, and its
impact on the IPO, Lady Annie remains a very good copper project within a
substantial landholding in the world class Mt Isa Inlier".
He further added, "Whilst we wait for market conditions to improve, we will
commence the drilling program as planned to add value to the project
through defining additional mine life".
Ends
To download the full ASX annoucement please click here:
http://esp.gewru.com/download/files/12414/1070591/20100204%20-%20Q%20COPPER%20IPO%20DEFERRED.pdf
FOR MORE INFORMATION PLEASE CONTACT:
Cape Lambert Iron Ore Limited:
Tony Sage
Executive Chairman
Tel: +61 (0)8 9380 9555
Australian Enquiries:
David Tasker
Professional Public Relations,
Tel: +61 (0)8 9388 0944/ +61 433 112 936
Website: www.capelam.com.au
FOR MORE INFORMATION PLEASE CONTACT:
Cape Lambert Iron Ore Limited:
Tony Sage
Executive Chairman
Tel: +61 (0)8 9380 9555
Australian Enquiries:
David Tasker
Professional Public Relations
Tel: +61 (0)8 9388 0944
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