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TEL
TEL
Teal signs memorandum of understanding to create local Namibian partnership
TEAL EXPLORATION & MINING INCORPORATED
Corporate Access Number: 31403
ISIN: CA8781511099
(Incorporated in Yukon, Canada on 1 June 2005)
SA Company Registration Number: 2006/003229/10
JSE share code: TEL
JSE short name: TEAL
Press Release
TEAL SIGNS MEMORANDUM OF UNDERSTANDING TO CREATE LOCAL NAMIBIAN PARTNERSHIP
TEAL Exploration & Mining Incorporated (TSX-"TL") (JSE-"TEL") ("TEAL") announces
that its wholly-owned Namibian subsidiary has signed a Memorandum of
Understanding (MOU) with EVI Mining Company Limited ("EVI") and NedCapital
Namibia (Pty) Limited ("NEDCAP"), the financial advisors to EVI.
The MOU contemplates the acquisition by EVI of an initial 10% interest in Avdale
Namibia (Pty) Limited (Avdale), the subsidiary of TEAL holding the Otjikoto Gold
Project, with the right to acquire a further 5% upon completion of a feasibility
study, both on commercial terms.
The MOU confirms the intention to establish an exclusive association between the
parties to participate together in the Otjikoto gold exploration and future
mining venture, and to pursue further opportunities for attractive exploration
and mining projects in Namibia.
TEAL President and CEO, Rick Menell, commented: "When TEAL listed on the TSX in
2005, we said that it is one of our objectives to create, where possible, strong
local equity-based partnerships to assist us in developing our mining projects
in a manner that ensures long-term common interest with our host country and its
relevant communities. EVI"s broad base of shareholders and range of relevant
skills and experience makes it an ideal partner for TEAL in pursuing our
objective of developing our Namibian gold assets into a successful long-term
business, and seeking new mining opportunities in Namibia. We will work hard to
convert this MOU into a committed shareholder agreement as soon as possible".
EVI was formed to participate in the growing Namibian mining sector through
strategic investments in mining projects in the country. EVI"s two largest
shareholders are Pamue Investments Corporation (a Namibian empowerment company)
and the Namibian Mine Workers Investment Company (NAMMIC). Other shareholders
comprise various Namibian investment companies owned by local business men and
women, including a women"s empowerment group, and regional councils that
represent communities throughout Namibia.
EVI"s Chairman, Dr. Leake S. Hangala, said, "EVI"s involvement extends beyond
participation at an equity level, which is being aided by its financial
advisors, NEDCAP, a subsidiary of Nedbank Limited. EVI will have active
participation, including the Chairmanship of Avdale. A broader ownership base
will assist in diversifying risk, attract new sources of capital and deepen the
pool of skills, ideas and general support".
12 July 2006
Sponsor
Investec Bank Limited
Date: 12/07/2006 08:41:03 AM Produced by the JSE SENS Department
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