/NOT FOR DISSEMINATION IN THE
UNITED STATES OR FOR RELEASE TO US NEWS WIRE
SERVICES/
ANNOUNCEMENT TO THE TORONTO
STOCK EXCHANGE
PERTH,
Western Australia, March 6, 2012 /PRNewswire/ - The Board of Ratel
Group Limited ("Ratel", "the Company") (TSX Code: RTG) announces
subsequent to Ratel's announcement on 3
November 2011 that the contract to acquire CAML Ghana
Limited ("CAML Ghana") (the holder of the interest in the Obuasi
Joint Venture) had been terminated, Westchester Resources Limited
(the other party to the Obuasi Joint Venture) issued proceedings in
the High Court of Ghana against a
number of parties, including Ratel, which was served on
29 February 2012. Ratel understands
that these proceedings deal with the same factual issues that are
the subject of arbitration proceedings commenced in November 2011 by CAML Ghana Limited, an unrelated
entity to Ratel, against Westchester Resources Limited in the
London Court of International
Arbitration and which are still underway; Ratel is not a party to
those proceedings and understands that central to both proceedings
is a dispute as to whether CAML Ghana held a legal interest in the
Obuasi tenement, which Ratel is confident will be confirmed. The
orders sought in the Ghanaian proceedings against Ratel are
unsubstantiated and without foundation. The Board believes that the
Company has no liability to Westchester in respect to any of the
allegations made against it in the writ.
ABOUT RATEL GROUP LIMITED
Ratel is listed on the main board of the Toronto
Stock Exchange and is a mining exploration company focused on
developing gold and copper deposits in Africa.
The Company is earning a 51% interest in the
Segilola Gold Project in Nigeria,
the largest undeveloped gold resource identified in Nigeria and holds a 51% interest in the Mkushi
Copper Project in Zambia. At
the Segilola Gold Project, Ratel has identified a maiden NI 43-101
compliant indicated resource of 520,000 ounces of gold contained in
3,658,000 tonnes at a grade of 4.4g/t and an inferred resource of
97,600 ounces of gold contained in 790,200 tonnes at a grade of
3.8g/t from just the first pass 11,000m drill program.
Ratel has an experienced management team, and is
further supported by CGA Mining Limited, a 19% shareholder in the
Company. CGA is a member of both the S&P/TSX Global Gold and
Global Mining Indices. Ratel will be focused on further developing
its current resource interests and identifying new opportunities in
Africa to both grow its reserve
and resource base and enhance the Company's ability to move quickly
to a producer.
NATIONAL INSTRUMENT 43-101 COMPLIANCE
Mr Mark Turner,
BE Min (Hons), M.Aus.I.M.M. CP Man, is acting as the Qualified
Person in compliance with NI 43-101 with respect to this
announcement. He has prepared and or supervised the preparation of
the scientific or technical information in this announcement and
confirms compliance with NI43-101.
Mr. Alfred John
Gillman of Odessa Resources Pty Ltd, an independent
qualified person experienced in the style of mineralisation at the
Segilola Gold Project, has completed the resource statement for the
Segilola Project as referred to in this announcement, including
verification of the sampling, analytical and test data underlying
the estimate. Verification also included a site visit, database
validation of historical drill results and a review of sampling and
assaying protocols. The qualified person was satisfied with
all of the protocols used during the drilling, sampling and in the
Segilola resource estimate compilation and computation.
With regard to the Mkushi Copper Project,
Matthew Nimmo of Snowdens is the
qualified person and has verified the resource statement as
disclosed in this announcement, including sampling, analytical and
test data underlying the estimate. Verification of the data
included numerous site visits, database validation of historical
drill results and review of sampling and assaying protocols.
The qualified person was satisfied with the verification
process.
CAUTIONARY NOTE REGARDING FORWARD LOOKING
STATEMENTS
This announcement includes certain
"forward-looking statements" within the meaning of Canadian
securities legislation. All statements, other than statements of
historical fact, included herein, without limitation, exercise of
the Company's option agreements, the plans of the Company and
future development activities are forward-looking statements.
Forward-looking statements involve various risks and uncertainties
and are based on certain factors and assumptions. There can be no
assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations
include uncertainties related to fluctuations in gold, copper and
other commodity prices and currency exchange rates; uncertainties
relating to interpretation of drill results and the geology,
continuity and grade of mineral deposits; uncertainties relating to
the completion of a bankable feasibility study; uncertainty of
estimates of capital and operating costs, recovery rates,
production estimates and estimated economic return; the need to
meet certain conditions stipulated in the Segilola Joint Venture
Agreement in order to maintain the Company's interest in the
Segilola Gold Project; the need for cooperation of government
agencies in the development of the Company's mineral projects; the
need to obtain additional financing to develop the Company's
mineral projects; the possibility of delay in development programs
or in construction projects and uncertainty of meeting anticipated
program milestones for the Company's mineral projects; and other
risks and uncertainties disclosed under the heading "Risk Factors"
in Ratel's Annual Information Form for the year ended 30 June 2011 filed with the Canadian securities
regulatory authorities on the SEDAR website at www.sedar.com.
SOURCE Ratel Group Limited
