VAN 0.00% 4.7¢ vango mining limited

Ann: Agreement Executed for Transfer of 35% Inter, page-2

  1. 1,095 Posts.
    re: Ann: Agreement Executed for Transfer of 3... "21 December 2009
    The Companies Announcements Office
    ASX Limited
    Agreement Executed for the Transfer of 35% Interest in the Second Lao Tenement Yuqida
    Ord River Resources Limited (ASX: ORD) is pleased to announce that an agreement has been executed
    which requires Yuqida Mining Limited (Yuqida) to have a 35% of its 100% ownership in the holding
    company Hong Kong Yuqida S.A. Limited (Yuqida HK) transferred to Sino Australia Australian Resources
    (Laos) Company, Hong Kong Limited (SARCO HK) by 31 December 2009. Yuqida HK is the 100% owner
    of Yuqida Mining (Group) Co. Ltd (Yuqida Laos) which owns 100% of the tenement called Yuqida in
    Laos. SARCO HK is 49% owned by ORD and 51% owned by China Nonferrous Metal Industrys Foreign
    Engineering and Construction Co., Ltd (NFC).
    ORD and NFC have earned the 35% interest for having fulfilled their commitment by carrying out
    exploration and survey work in Laos on Yuqida tenement. SARCO, ORD and NFC will continue to have
    constructive discussions with Yuqida regarding the remaining 65%.
    Please refer to announcement Laos Mining Joint Venture Agreement Signed on 30 October 2009 for
    detailed information on SARCOs plan to build a world class alumina refinery in Laos and the 130million
    tones for bauxite resource from LSI and Yuqida. Yuqida tenement will play a critical role in supplying
    bauxite to the refinery.
    If you have any questions please contact Frank Zhu, Head of Corporate Development via
    [email protected].
    Frank Zhu, CFA
    Head of Corporate Development
    Ord River Resources Limited
    Level 22, Goldfield House
    1 Alfred St Sydney 2000
    Ph: 61 2 9250 1848"

    All good
    Rg
    DYOR
 
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