2008 Annual report and Accounts
April 27 2009 - 10:22AM
UK Regulatory
TIDMMVA
AIM
Release
27 April 2009
Minerva Resources Plc (AIM:MVA)
('Minerva Resources' or 'the Company')
2008 Annual Report
Minerva Resources announces that a further delay in the completion of
the audited report and accounts for the year ended 30 September 2008
(the 'Accounts') has occurred. The Accounts were not published by the
end of March 2009, as required under the AIM rules. A number of
delays to the completion of the Accounts have been encountered:
firstly, due to the preparation requirements for the initiation of
the Company Voluntary Arrangement (CVA) and the clarification of the
Creditors' positions in the CVA; secondly, due to several technical
issues requiring clarification with the auditors. It is now expected
that the Accounts will be completed towards the end of May 2009
following completion of the audit, and the AGM is now expected to be
held toward the end of June 2009.
The Company's shares were suspended from trading on the AIM market on
30 January 2009, at the request of the Company, pending clarification
of its ongoing financial position. The Company expects that the
formal stage of the CVA will be implemented in the near future.
For further information please contact:
Terry Ward
Minerva Resources plc
Tel: +44 (0)20 73795012/(0) 798571576
E-mail: terry.ward@minervaresources.com
twardafl@yahoo.co.uk
Web: www.minervaresources.com
James Joyce / Sarang Shah
W. H. Ireland
Tel: +44 (0)20 72201666
James.joyce@wh-ireland.co.uk
Nick Rome
Bishopgate Communications Ltd
Tel: +44 (0)20 75623350
E-mail: nick@bishopgatecommunications.com
Notes to Editors
Minerva Resources plc is a UK based mineral exploration and
development company quoted on London's Alternative Investment Market
(AIM:MVA). The Company is intent on delivering shareholder value by
increasing and developing its mineral resources in a socially and
environmentally responsible manner.
The main focus is resource development in Ethiopia where the Company
has first-mover advantage on prospective ground on the Arabian-Nubian
shield. Key projects include the gold resources at the Tulu Kapi
Project, plus the Gudeya-Guji, Guji and Dina Prospects and the Yubdo
Platinum Mine, located in western Ethiopia, some 560km west of Addis
Ababa.
Tulu Kapi was mined in the 1930s by an Italian company. In the 1970s,
the United Nations Development Programme mapped and drilled Tulu
Kapi. Tan Range Exploration carried out soil sampling, further
mapping and drilling in the 1990s. These two phases of work confirmed
mineralisation extending over a strike length of 1.5km.
Minerva Resources has completed 33 diamond drill holes to date, at
Tulu Kapi, on its resource drilling programme on a 600m section,
after encouraging Minerva Resources ground mapping, data
reinterpretation and excellent scout drilling results.
Scout drilling programmes have been completed at the Gudeya-Guji,
Guji and Dina gold prospects, which are located in close proximity to
Tulu Kapi. The drilling has shown mineralised intersections on all
three prospects.
The results from the drilling on Tulu Kapi, which are shown in the
latest drilling report announcement on the Company's website,
www.minervaresources.com, and the satellite prospects and their close
proximity point towards a new gold province with the potential for
the establishment of a 'one treatment plant - multiple feed
scenario'.
The Company is examining the potential to expand the small scale
platinum production operations at Yubdo, some 25km from the Tulu Kapi
Project. A pilot gravity recovery plant has been installed, a
metallurgical research programme has been initiated and further
exploration activities have commenced on the 9km by 1.5km surface
expression of the orebody.
In Sierra Leone, the Company holds gold, platinum and diamond
exploration licences, which will for the most part continue to be
developed by existing Joint Venture partners.
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