CMO
CMO
CMO - Chrometco - Press Release Announcement
Chrometco Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2002/026265/06)
JSE Code: CMO & ISIN: ZAE000070249
("Chrometco" or "the company")
PRESS RELEASE
The Board of Chrometco has received numerous offers for its chrome resource on
portion 2 of the Farm Rooderand in the North West Province, and is considering
one offer in particular. The offer compares in value to other similar size
chrome ore mineral sales which have taken place during the last two years.
Before any transaction can be concluded, Chrometco is required to convert the
used "Old Order Mining License" to a "New Order Mining Right", and this
conversion process has been triggered.
The Company is also progressing steadily in the DRC. The importance of finding
the right partners to develop within the DRC is critical, and Chrometco is
proceeding cautiously with the many joint venture opportunities which it has.
The Company`s primary focus is on the remotely situated casiterite deposits in
the DRC. Chrometco was introduced to two major casiterite mineral rights holders
by the Mines Ministry`s office during the month of August with a view to
entering into partnerships with these companies. Because of the nature of the
casiterite mining operations and with their remote locations, all forms of
logistics including air-freight have had to be investigated.
Copper cobalt and nickel prospects are still being pursued and current
opportunities which have been presented to Chrometco are at early stage
investigation.
The Company`s CEO, Mr. Stuart Simons says that: "Chrometco has not deviated from
its concept of "Low Capital", "Quick Start-up", "High Returns" type ventures.
31 August 2007
Johannesburg
Designated Advisor
River Group
Date: 31/08/2007 09:05:09 Produced by the JSE SENS Department.
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