TIDMLOND

RNS Number : 2898V

London Mining Plc

24 October 2014

London Mining plc in administration- UPDATE ("London Mining" or "the Company")

Peter Dickens, joint administrator of London Mining plc and director at PwC, said:

"The administrators of London Mining are pleased that terms have been agreed with Timis Corporation to buy the Company's Marampa mine, with a view to finalising the deal by the end of this week.

"When complete, the sale will include the transfer of the Marampa mine workforce, providing stability for the economy of Sierra Leone."

Frank Timis, Chairman of the Timis Corporation commented:

"I am delighted that, assuming successful conclusion of this process over the coming week, it is expected that the Marampa Mine will continue to be a major source of employment and government revenue in Sierra Leone, and avoids the closure of such an important asset for the local and national community.

""I look forward to working with the workforce of Marampa, who have done such a phenomenal job against very difficult circumstances. We now intend to enter negotiations with African Minerals Limited and its infrastructure company African Railway and Port Services which, if successful, will unlock the synergies between these assets, for the long term good of all stakeholders."

ENDS

For more information, please contact:

Ian Hannam/Neil Passmore/Andrew Chubb

   Hannam & Partners LLP                                                +44 (0) 207 907 8500

Jos Simson/Mike Bartlett/Nuala Gallagher

   Tavistock                                                                  +44 (0) 207 920 3150

Notes to editors:

1. On 16October 2014, Russell Downs and Peter Dickens were appointed as joint administrators of London Mining PLC (UK) to manage their affairs, business and property as their agents and without personal liability. Russell Downs and Peter Dickens are licensed in the United Kingdom to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales.

2. The joint administrators are Data Controllers of personal data as defined by the Data Protection Act 1998. PricewaterhouseCoopers LLP will act as Data Processor on their instructions. Personal data will be kept secure and processed only for matters relating to the Administration.

About PwC

PwC helps organisations and individuals create the value they're looking for. We're a network of firms in 157 countries with more than 195,000 people who are committed to delivering quality in assurance, tax and advisory services. Find out more and tell us what matters to you by visiting us atwww.pwc.com

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.

(c) 2014 PricewaterhouseCoopers. All rights reserved.

About Timis Corporation Limited

Timis Corporation is a private company founded and Chaired by Frank Timis. Timis Corporation has an extensive portfolio of businesses in the mining, oil & gas, life sciences and agricultural industries. Core holdings include African Minerals, African Petroleum, International Petroleum, Pan African Minerals and London Pharma amongst others.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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