Announcements 2008
DRC and Chad Update
The Board of Brinkley Mining announces that following the completion of its strategic
review of the company's assets in the DRC and Chad, the Board has decided to terminate
the Company's operations in these countries with immediate effect. This decision follows
the interim results announcement for the six months ended 30 June 2008, which was announced
on 4 August, in which the Company reported that it had written down the value of its Chad
exploration assets by £0.55 million (due to the findings of a review of the initial geological
assumptions and the increased political profile for the country) and had written down the value
of its commercial rights and deferred exploration expenditure in relation to the DRC by a
further £6.3 million (due to the uncertainty surrounding enforcement of the current agreements).
The process of ceasing operations in both countries in an orderly fashion is underway and should be complete by the end of September. The Board does not anticipate that this process will incur any material expenses. As at 30 June 2008 the Company's cash balances were £8.08 million.
For further information, please contact:
Brinkley Mining Plc
Dunbar Dales, Chief Executive Officer Tel: +27 (0) 83 258 9062
Michael Cornish Tel: +44 (0) 20 7628 3396
ENDS