Relocation of management of Company to Singapore
October 08 2010 - 1:00AM
UK Regulatory
TIDMAR.
RNS Number : 0736U
Archipelago Resources PLC
08 October 2010
ANNOUNCEMENT
ARCHIPELAGO RESOURCES PLC
DECISION to RELOCATE
MANAGEMENT of COMPANY
to
SINGAPORE
At a Board Meeting held on the 6th October 2010 the directors of Archipelago
Resources Plc ("Archipelago" or "the Company") agreed unanimously to relocate
the management of the Company from Australia to Singapore with immediate effect.
This decision has been taken after careful review of the Company's modus
operandi and recent and impending changes:-
1) Proximity and access to the Toka Tindung Gold Project in Sulawesi,
Indonesia where gold production will commence in early 2011;
2) The Company's increasing activities at it's other South East Asian resource
assets;
3) The recent change of majority ownership to Indonesian group Rajawali
Corpora;
4) Impending changes to the composition and residency of members of the Board
of Directors;
5) Optimising the corporate structure of the Group;
6) A more advantageous location for future M&A activity;
7) Proximity to major Asian capital markets;
8) The less than 1% Australian share ownership of the Company.
Archipelago is a mining company listed on the AIM market of the London Stock
Exchange. The Company's principal activities are gold mining and exploration in
Indonesia (as 85% owner of the Toka Tindung Gold Project in Sulawesi), Vietnam
(as majority party in the Pac Lang and Cam Thuy/Ba Thuoc joint ventures with
VINACOMIN a Vietnamese Government mining company) and the Philippines (via
entitlement to not less than an 80% interest in exploration company Corplex).
Further Info: Colin Loosemore, Managing Director, Archipelago Resources
Plc.
Tel: 00-618-9364-8301
Shaun Whyte, Ambrian Partners Ltd
Tel: 020-7634-4700
Justine James / Ron Marshman, Hansard
Communications
Tel: 020-7245 1100
Gerry Beaney / Fiona Kindness, Grant Thornton
Corporate Finance
Tel: 020 7383 5100
www.archipelagoresources.com.au
This information is provided by RNS
The company news service from the London Stock Exchange
END
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