Stock Exchange Announcement
Date: 10 December 2007
On behalf of: Target Resources plc
Target Resources plc
(“Target” or the “Company”)
Mining Equipment
Update
Target Resources plc (AIM:TGT),
the alluvial diamond and gold mining company operating in Sierra Leone,
announces that it has completed the purchase of approximately 70% of its budgeted
earthmoving equipment, and is progressing with other purchases, in line with the
timetable set out in the Company’s mining plan.
In October 2007 the
Company completed a successful fundraising which facilitated this purchase of
new mining equipment to enable Target to increase its operations in Sierra Leone
significantly.
The Company has also
commenced purchasing the required processing equipment, which includes jigs,
processing plants and dredging equipment and machinery, which will complement
its existing processing equipment.
In line with
expectations, Target is confident that the purchasing phase will be completed
this month and that most of the equipment will arrive at its mining sites by
end of February 2008.
Commenting
on the operation, Dr Nissim Levy, Managing Director, said:
“We
are extremely encouraged by the progress our team has made. The new machinery
and equipment has been acquired and we are confident that we will be able to
commence our enhanced operations in four months time. We are fully on track to
deliver our mining plan as set out to investors during our recent fundraising.”
- ENDS -
Enquiries:
Target Resources plc 020 7258
2300
Yair Ziv, Finance Director www.target-resources.co.uk
Nominated Adviser
Nabarro Wells & Co Limited 020 7710
7400
David Nabarro
Arbuthnot Securities 020 7012
2000
John Prior
John Toll
Investor Relations
4C Communications Limited 020 8949 7171
Carina Corbett
Financial PR to Target
Redleaf Communications 020 7822 0200
Emma Kane al@redleafpr.com
Adam Leviton
About Target
¡ Target is an alluvial
diamond mining and exploration company operating in Sierra Leone.
¡ The Company’s shares
were admitted to AIM in July 2006.
¡ Target is among the first
large scale mining ventures to be established in Sierra Leone since the end of the
civil war in 2002.
¡ The Company has 4,263 acres
(17.25 km2) under mining leases in the rich diamond
and gold area of Kono, which is recognised as the most productive area for
diamond mining in Sierra
Leone.
Target Resources Plc
16th Floor, Marble Arch
Tower, 55 Bryanston Street London, W1H 7AA
Tel +44 (0)20 7258 2300,
Fax +44 (0)20 7258 2321
Email: info@target-resources.co.uk
Web: www.target-resources.co.uk
Registered in England
and Wales Company No 5566717