Business
Update, Board Change, Options
Update, Board Change, Options.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n\n Templar Minerals Limited\n30 January 2008\n\n\n\n30 January 2008\n\n\n Templar Minerals Limited\n (\"Templar Minerals\" or \"the Company\")\n\n Operational Update\n Appointment of New Directors\n Grant of Options\n\n\nTemplar Minerals (\"AIM: TMP\"), the investor in natural resource opportunities,\nannounces the appointment of two new Directors to boost the Company's management\nteam and gives the following operational update. In addition, the Company has\ngranted further options to certain Directors to ensure that the enhanced\nmanagement team is now properly incentivised. The Company currently has\nexploration assets in Georgia and a strategic 26.18% investment in River\nDiamonds plc, which is currently in the process of acquiring 100% of the\nhistoric Emperor Gold Mine in Fiji.\n\nThe Board believes that Templar Minerals and its management is on track with its\noriginal investment strategy of targeting investments in exploration,\ndevelopment and production projects in the minerals, base metals, precious\nmetals or hydrocarbons sectors. The Company continues to evaluate resource\nprojects outside its current investments.\n\n\nOperational Update\n\n\nThe Company has made considerable progress since it was formed earlier this\nyear.\n\nIn November, Templar Minerals announced encouraging initial exploration results\nfrom Adjaria Gold project in the Republic of Georgia. Following these sample\nresults the Company began to sample additional highly prospective areas within\nthe 110km2 licence area in the Adjaria Project for both gold and base metals.\nTemplar intends to initiate a drilling programme to determine the full extent of\nthe mineralisation and this drilling programme is due to commence with two rigs\nnext month.\n\nLast year, Templar Minerals acquired 285 million shares (26.18%) in River\nDiamonds plc (\"River Diamonds\") making Templar Minerals the largest shareholder.\nIn December, River Diamonds announced that it had signed a conditional sale and\npurchase agreement which will result in it having a 100% interest in the Emperor\nGold Mine. As part of the consideration, River Diamonds announced that it had\nraised £4,250,000 at 6 pence per share, which revalues Templar's holding in\nRiver Diamonds at £17.1 million. The shares of River Diamond are currently\nsuspended pending the publication of a re-admission docume...