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IMC Exploration Group Plc – 09/09/2015
The directors of IMC are delighted to announce the completion of the Joint Venture agreement with Koza Limited, a subsidiary of Koza Altin Isletmeleri A.S., following the approval by the Minister for Communications, Minerals and Natural Resources.
The JV agreement relates to IMC’s precious metal exploration licences in Wicklow and Wexford whereby Koza will fully fund the works programme on these licence areas with investment of EUR3.4 million for a 75% interest in these licences.
The JV agreement was approved by the board of directors and formally signed by both parties.
Koza Altin Isletmeleri A.S. and its subsidiaries are a leading Turkish international mining group with 4 operating mines. In 2014 the Koza group produced 317 thousand oz of gold and has gold reserves of 4.2 million ounces. The Koza group is capable of carrying out all processes from the exploration stage to production, and we The directors of IMC are delighted to be working with the Koza group to further the strategic development of IMC.
Liam McGrattan, Chairman said: “This agreement is a major development for IMC. We look forward to working with the Koza group and its world class geological team in further developing our licences in Wicklow and Wexford. It is a very exciting time for the company to have a major gold production company with such a wealth of knowledge and experience as a joint venture partner.”
The Directors of the issuer accept responsibility for this announcement.
IMC Exploration Group Plc
Mr. Liam McGrattan
Tel. Ireland: +353 87 2745427
Keith Bayley Rogers & Co. Limited
Mr. Hugh Oram
Tel. +44 207 464 4090