MAN 0.00% 2.4¢ mandrake resources limited

erongo nuclear exploration jv : namibia

  1. 122 Posts.
    1st Floor, 47 Ord Street
    West Perth
    Western Australia 6005
    Email: [email protected]
    Tel: (61 8) 9322 7822
    Fax: (61 8) 9322 7823
    23 October 2008
    Manager Announcements
    Company Announcements Office
    Australian Securities Exchange Limited
    20 Bridge St
    SYDNEY NSW 2000

    Dear Sir/Madam,
    ERONGO NUCLEAR EXPLORATION JOINT VENTURE – NAMIBIA
    In its announcement on 7 March 2008 the Company reported on the status of the
    review proceedings being taken by its wholly owned suibsidiary Black Range Mining
    (Pty) Ltd and Erongo Nuclear Exploration (Pty) Ltd (Erongo Exploration) against the
    Namibian Minister for Mines and Energy and Ancash Investments (Pty) Ltd in the
    High Court of Namibia.
    The Company has received notice from Erongo Nuclear Holdings (Pty) Ltd (Erongo
    Holdings) that its wholly owned subsidiary Erongo Exploration has withdrawn from
    the proceedings and that its shareholding in Erongo Exploration has been transferred
    to a third party.
    The Company has in turn given notice to Erongo Holdings that it maintains that
    Erongo Exploration’s withdrawal from the proceedings and the transfer of its
    shareholding in Erongo Exploration constitutes a breach of the joint venture
    agreement between Erongo Exploration and the Company’s wholly owned subsidiary
    Reefton Exploration (Pty) Ltd. The Company is currently addressing these
    developments and its rights of action under the joint venture agreement with its legal
    advisers.
    Yours faithfully,
    David Semmens
    Company Secretary
 
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