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Ambrian merges its Mining assets

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Ambrian Capital Has Agreed To Merge Its Mining Assets With Palladex ... Nov.24, 2006

 

Golden Prospect, sorry Ambrian Capital, has agreed to merge its mining and exploration assets with those of Palladex, which is also listed on AIM...

The essence of it is that Palladex, which has some exploration interests in Kyrgyzstan, around £1.5 million in the bank and an AIM listing will take on a new lease of life as progress in Kyrgyzstan has been on the slow side. At the same time Palladex will also buy a company called Ethiopian Resources, which is a private UK company importing platinum concentrate from Golden Prospect’s Ethiopian assets. The total price to be paid is 50 million shares in Palladex which means that the shareholders of the two companies will hold a 44.8 per cent interest in Palladex between them. Golden Prospect will nominate three directors to the Palladex board and three of the Palladex directors will retire when the deal is consummated as it is only at the Heads of Agreement stage at the moment.

 

Palladex (PLX.L) ... update

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Ambrian Capital (AMBR.L) / ex. Golden Prospect ... update

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. . .

So what does Golden Prospect bring to the party? It is producing platinum concentrate in Ethiopia from the Yubdo platinum/gold ore body. Not on a big scale, mind you, but when the trial mining and processing equipment is in place it should rise to 1,000 ounces/year while a large scale operation is planned. The occurrence of placer and alluvial platinum and gold has been mined since time immemorial, but large areas have yet to be evaluated and the deposit is open on strike and width. Also in Ethiopia is the advanced stage gold exploration project at Tulu Kapi where previous exploration indicated a zone of gold anomalies 100 metres to 400 metres in width and about 1.3 kms long with gold mineralization in trenches and drilling had intersected gold and silver mineralization.

 

Over in Sierra Leone Golden Prospect has a joint venture with Golden Star Resources and Mano River at Lake Sonfon. Golden Star is earning a 51 per cent interest in any gold prospects and Mano River is interested in diamonds. So far a gold anomaly has been defined and drill targets identified. The best trench intersection was 7.3 metres at 7.4 g/t. Mano River has confirmed the presence of commercial size diamonds and kimberlite indicator minerals on the joint venture licence package. On the other side of Africa there is a gold project in Madagascar which contains evidence of old workings for gold and silver. There are also copper showings in the area and more may be known about these before long.

 

It looks a sensible deal for both companies. Ambrian will be able to monetise its mining and exploration assets and can now be fairly described as a broking house... The merger will not be completed until the end of the year, but the new company should start 2007 at a canter.

 

...MORE: http://www.minesite.com/minews/singlenews/...alladex/41.html

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Thanks for this info.

 

As general background info, I have this pasted in my notes, probably from what was Golden Prospect website:

 

Management fund for metal industry. GP’s Managed Portfolio at end December 2005 consisted of the equity securities of 92 publicly-quoted junior resource companies valued at £20.8m.

 

and on Palladex

 

Palladex ...... high quality gold and silver deposits being surveyed in Krygyzstan fomer USSR, over 24 months shares down from 20 to 2~4, now rising - spread 35%

JORC-compliant Mineral Resource at the Company’s Aksur project, Krygyzstan, using a 1 g/t Au cut-off, of 480,000 tonnes at 6.2 g/t gold and 190 g/t silver, equating to 95,000oz of gold and 2.9moz of silver.

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I think what was merged in was...

only the Unquoted investments

 

So now, Amrian will have a quote for its entire portfolio, raising NAV

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21 December 2006

 

Suspension of trading

 

On 23 November 2006, Palladex plc (AIM:PLX:L) ("Palladex" or "the Company") announced that it had signed a heads of agreement with Ambrian Capital PLC (formerly Golden Prospect PLC) and Ethiopian Resources Limited to acquire companies and exploration licences in Ethiopia, Sierra Leone and Madagascar in return for the issue of 50,000,000 new ordinary shares in Palladex.

 

Following the determination that the proposed acquisitions may constitute a reverse takeover under the terms of the AIM Rules, trading in the ordinary shares of the Company will be suspended pending the publication by the Company of an admission document. It is expected that such admission document will be published early in 2007.

##########

 

How long do these things usually take.

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