CLIO Cape Lambert

    RNS Number : 4620F
  Cape Lambert Iron Ore Limited
  09 October 2008
   

    9 October 2008
    CAPE LAMBERT IRON ORE LIMITED

    General Meeting Cancelled

    Cape Lambert Iron Ore Limited ("Cape Lambert" or the "Company") (ASX: CFE, AIM: CLIO)  and Power United Limited ("Power United") are
pleased to advise that they have settled all outstanding actions with respect to the calling of a shareholders meeting by Power United to
remove the majority of the current Cape Lambert Board.  The requisitioning of the meeting by Power United was announced by Cape Lambert on
16 September 2008.

    By the effect of consent orders made by Justice McKerracher today in the Federal Court of Australia the shareholders' meeting scheduled
for 15 October 2008 has been cancelled.

    Following extensive meetings and negotiations between the parties, matters were resolved on the basis that a complete geological and
technical review of the Marampa project has now been completed by Power United.  Power United endorses Cape Lambert's assessment of, and
optimism for, the project and believes that working in conjunction with African Minerals Limited (AIM:AMI) will provide significant benefits
to Cape Lambert shareholders and to Sierra Leone. Substantial synergies have been identified in both companies obtaining leverage through
the joint infrastructure development (port facilities and railway) of both the Marampa Project and African Minerals Tonkolili iron ore
Project.  

    As part of the process moving forward, Cape Lambert will offer new board positions to Anthony(Tony) Roberts, a nominee of Power United
and to a nominee of African Minerals.  To this end, Tony Roberts will be invited to join the Cape Lambert Board (upon completion of all
necessary regulatory requirements and due diligence as required by the AIM Rules) with the African Mineral's nominee to be appointed at the
same time.  Mr Roberts is a mining engineer with over 35 years experience in Australia and overseas. His experience has been gained with
both major and junior mining companies and has included senior management positions with BHP and Placer Dome. His experience has included
contract negotiations on iron ore supply to China and Japan resulting in an intimate understanding of the needs and demands of various steel
mills in those countries. 

    Cape Lambert also looks forward to reviewing and, potentially acquiring an interest in, other advanced stage mining projects.  With the
current market situation, the Company believes that there are number of opportunities available that can be capitalised on given Cape
Lambert's strong cash position and technical team.

    Cape Lambert Executive Chairman, Tony Sage noted that the Company was pleased to have these matters resolved and to be well positioned
to focus on the development of its existing assets and review of other opportunities as they become available. 
    FOR MORE INFORMATION PLEASE CONTACT: 
    Cape Lambert Iron Ore Limited: 
    Tony Sage +61 (0)8 9380 9555 

    Australian Enquiries: 
    Professional Public Relations 
    David Tasker +61 (0)8 9388 0944/ +61 433 112 936 

    UK Enquiries: 

    Nominated Adviser: 
    Grant Thornton UK LLP 
    Fiona Owen +44 (0)20 7383 5100 

    AIM Broker: 
    Collins Stewart Europe Limited 
    Adrian Hadden +44 (0)20 7523 8353 
    Oliver Quarmby +44 (0) 20 7523 8354 

    Conduit PR: 
    Jos Simson +44 (0)20 7429 6603/+44 (0)7899 870 450 
    Jane Stacey +44 (0)20 7429 6606 

    Website: www.capelam.com.au 

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
MSCFKCKQFBDKNKK

Cape Lambert Iron Ore (LSE:CLIO)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024

Cape Lambert Iron Ore (LSE:CLIO)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024