GMA Resources to Take 90% Stake in KRMC Which Is Owning Tungsten Deposits

GMA Resources has conditionally agreed to acquire a 90% participatory interest in the charter capital of joint venture Kazakh-Russian Mining Company.

KRMC is party to two subsoil use contracts in respect of two molybdenum and tungsten deposits in northern Kazakhstan - the Drozhilovskoye molybdenum-tungsten deposit in Denisovski rayon of Kostanai oblast and the Smirnovskoe molybdenum-tungsten-copper deposit in Karabalyksky rayon, also of the Kostanai oblast.

The consideration of £40m will be satisfied through the issue of 148,320,720 B shares by the bompany to Lother Enterprises Limited or, at the vendor's request, to Bergfolk Corporation, Strathland Enterprises Limited and Hanson Central European Fund LP.

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