MTE
MTE
MTE - Monteagle - Disposal of mining interests in Zimbabwe
Marshall Monteagle Holdings Societe Anonyme
("Monteagle" or "the company")
(Incorporated in Luxembourg - RC Luxembourg No. B 19600)
Share Code: MTE
ISIN: LUOO35797272
DISPOSAL OF MINING INTERESTS IN ZIMBABWE
Marshall Monteagle Holdings SA is pleased to announce that it has agreed to
sell, in a deal completing on 1st March, its 1/3rd interest in a Zimbabwe Gold
mine to Central African Gold PLC ("CAG") for gross sale proceeds of US$771,000
comprising US$351,000 in cash and 1,785,270 Ordinary shares in CAG.
Approximately 20% of the gross proceeds have been set aside as a contribution to
a provident and pension fund for former employees of these operations. CAG
shares are traded on the AIM market in London and Monteagle have agreed not to
dispose of the CAG shares received for a minimum period of 6 months.
The Monteagle Group has now disposed of all of its interest in Zimbabwe except
for a residual interest in any potential future compensation for the
expropriation of its farming estates.
27 February 2007
South African Corporate Advisor and Sponsor
Imara Corporate Finance South Africa (Pty) Ltd
Date: 27/02/2007 13:00:00 Produced by the JSE SENS Department.
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