Announcements 2006
Admission to AIM
5 June 2006
Brinkley Mining Plc (AIM: BRM), the UK based company established to explore and develop uranium prospects with the aim of becoming a leading producer and supplier of intermediate uranium products, has been admitted to trading on AIM today.
The Company raised approximately £19.3 million from institutions and high net worth individuals prior to Admission. At Admission, Brinkley will have a market capitalisation of £152.4 million at a price of 50p per Ordinary Share.
Beaumont Cornish Limited is acting as Nominated Adviser and Broker to the Company.
The strategy of the Company is to:
- identify and consolidate mineral resources to establish an inventory of uranium with an initial mine life of 20 years or more, commencing in the Karoo Uranium Province of South Africa;
- develop and operate regional processing facilities to process minerals, concentrates and other products mined or otherwise acquired by the Company in the region to produce intermediate products containing uranium for further processing including beneficiation in South Africa and elsewhere;
- install and operate advances in process technology (industrial and environmental) to reduce capital and operating costs in uranium production, and recover other valuable metals from uranium minerals and concentrates for by-product revenues to position Brinkley as a long term producer in the lowest quartile of the cost curve;
- provide for participation in the evaluation, development and operation of uranium mining projects by and for the benefit and economic empowerment of historically disadvantaged persons in South Africa; and
- install and operate advances in environmental technologies and management to protect the health, safety and environment of employees and communities for sustainable development in the regions in which the Company operates.
Gerard Holden, Chairman, commented: "The Company is delighted to be listing on AIM. Diminishing surplus inventories and concerns about future supplies of uranium have all contributed to recent improvements in the global uranium market. Brinkley believes that the long term outlook for the uranium market remains positive and sees its AIM listing as a significant step in the Company's path to be a leading producer and supplier of intermediate uranium products.
Brinkley's South African subsidiary, Western Uranium Pty Ltd, has recently welcomed new shareholders in the form of Black Economic Empowerment partners which have a strong history of operating in the South African mining sector. Our new partners will be critical as we explore and develop these interesting uranium and molybdenum prospects"
