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KCM
KCM
KCM - Kimberley Consolidated Mining Limited - Update To Shareholders Regarding
Negotiations With China National Geological And Mining (HK) Limited ("CNGMC")
And Withdrawal Of Cautionary Announcement
Kimberley Consolidated Mining Limited
(Incorporated in the Republic of South Africa)
(Registration number 2007/010470/06)
JSE code: KCM
ISIN: ZAE000119996
("KCM" or "the Company")
UPDATE TO SHAREHOLDERS REGARDING NEGOTIATIONS WITH CHINA NATIONAL GEOLOGICAL AND
MINING (HK) LIMITED ("CNGMC") AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are hereby referred to the SENS announcement released on Wednesday,
12 August 2009, and the renewal of cautionary announcement released on SENS on
Wednesday, 29 July 2009, in respect of the Company`s ongoing negotiations with
CNGMC.
Shareholders are hereby advised that KCM has concluded a mandate with CNGMC and
its South African representatives in terms of which KCM has been mandated to
enter into negotiations with third parties with a view to concluding mining
investment opportunities in South Africa on behalf of CNGMC ("the mandate").
In terms of the mandate CNGMC has agreed to provide the necessary finance
required for the conclusion of any transactions negotiated by KCM, subject to
satisfactory due diligence being performed and approval of the transaction by
the board of CNGMC. The mandate is irrevocable and valid for a period of 12
months and excludes any diamond assets. All assets successfully acquired under
this mandate will be reversed into KCM. KCM has already presented projects for
due diligence by CNGMC.
As stated in the SENS announcement on 12 August 2009 former CEO, Mr. Hein le
Riche, will devote all his attention towards the implementation of the mandate.
In addition to the aforementioned shareholders are advised that Mr. Hein le
Riche will not receive any commission or benefit should he successfully
negotiate the implementation of the mandate. Shareholders are also advised that
Mr. le Riche will not receive any salary from September 2009 onwards as a result
of stepping down as CEO and to enhance the cash flow position of KCM.
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the renewal of cautionary as set out above, and are
advised that as the contents referred to therein have ceased to have any
relevance or effect on the Company, caution is no longer required to be
exercised by shareholders when dealing in their securities.
26 August 2009
Designated Advisor
PSG Capital (Pty) Limited
Date: 26/08/2009 14:35:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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