Central Asia Metals plc
(“CAML” or the “Company”)
Kounrad: Project Update and Ownership Increase
Central Asia Metals plc (AIM:CAML) is pleased to announce an operational update on the Company’s Kounrad Copper Project in Kazakhstan (“Kounrad” or the “Project”) and an increase of its ownership of the Project to 100% conditional upon documentation.
HIGHLIGHTS
• Construction of the Project plant is materially complete with capital expenditure below budget
• Commissioning of the Solvent Extraction-Electro Winning (“SX-EW”) plant commences at the end of February 2012
• First copper production expected April 2012 with production for the year scheduled to be approximately 5,000 tonnes of copper cathode
• SaryArka Social Entrepreneurial Corporation National Company JSC (“SaryArka”) has conducted a tender process for the sale of its 40% ownership of the Project and JSC Central Asian Investments Consulting Company (“CAICC”), a 100% subsidiary of JSC SAT & Company (together with CAICC the “SAT Group”), won the tender
• CAML has an agreement with the SAT Group to subsequently acquire the 40% ownership of the Project in exchange for 8,616,593 CAML shares which equates to 9.1% of the enlarged share capital on completion of the transaction
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