ROBUST RESOURCES LIMITED
ASX: ROL15 July 2014
• Robust will hold 87.3% of Mentum Inc
Robust will hold 87.3% of Mentum Inc, a stake currently valued at A$32 million based on the price of Mentum Inc's shares on London's Alternative Investment Market (AIM) at the close of trading on
15 July 2014. This equates to approximately 60% of Robust's total market capitalisation based on the company's share price of circa 27 cents.
Mentum Inc is now a purely focused Central Asian mining development company with three high value assets including the Andash Gold-Copper project, Talas Copper-Gold and the Bashkol Gold project.
Mentum, which will shortly change its name to Tengri Resources, will also hold £3.5 million cash that is earmarked for immediate project development activities.
Robust's Managing Director Gary Lewis commented: "The listing of Robust's Kyrgyz Republic assets on London's AIM through Mentum Inc is a pleasing development and we are confident that significant value will be realised from this transaction.
"Mentum Inc, which will shortly become Tengri Resources, now holds an enviable portfolio of gold- copper assets that have mineral resources in place, with significant exploration upside.
"These projects offer near-term development potential and have the capacity to deliver significant shareholder returns when exploited. As an 87.3% shareholder of Mentum, Robust will be a major beneficiary of Tengri's success.
"Already, Robust's stake in Mentum is valued at A$32 million which demonstrates that there is significant unlocked value to be realised for Robust's shareholders. We are intent on realising some of this value on the immediate term. We are also confident that now that this transaction has been completed, and the Tengri team can progress development of the Kyrgyz Republic assets, greater value will be reflected in Robust's holding in Tengri."
Robust also reiterates that shareholders should take NO ACTION regarding the Notice of Intention by Stanhill Capital Partners. The Board expects to make an announcement to shareholders shortly.
*** ENDS ***
Sydney-based, ASX - listed Robust Resources Limited ("Robust", "The Company") is well placed to take advantage of the anticipated strong future demand for metals in the rapidly developing Asian economies. Robust is a successful mineral explorer, having discovered extensive gold/silver and base-metal mineralisation, along with manganese resources, on Romang Island in Indonesia.
Robust recently acquired two attractive, pre-development copper-gold deposits in the Kyrgyz Republic: the Andash project (subject to a positive 2010 Feasibility Study) and the adjacent Talas project which hosts the multi- million ounce Taldybulak porphyry gold-copper deposit. Robust also holds further highly prospective mineral concessions and applications in the Kyrgyz Republic and the Philippines. The Kyrgyz Republic assets were recently transferred into a separate AIM listed company, Tengri Resources.
Robust is focused on value creation through effective exploration, environmentally sound mining and community engagement using world's best practice methods to generate returns for shareholders and sustainable benefits to host countries and local communities.
The Company has experienced and dedicated in-country management teams and a board of directors who collectively have diverse skills, strong experience in mining, processing and exploration as well as many years working in our host countries, Indonesia, Kyrgyz Republic and the Philippines Robust trades on the Australian Securities Exchange (ASX) under the symbol ROL.
Robust Resources Limited
ACN: 122 238 813
1 Macquarie Place
Sydney NSW 2000 Australia Phone: +612 8 259 4799 www.robustresources.com.auhttps://twitter.com/RobustResources
|
distributed by
|
