Message #18 From:
NewsBot Date: December 22, 2005 03:44:00 AM
EEGC News Zeehan Zinc Seeks Listing on the AIM with GBP 10M Capital Raise
LENEXA, Kan.--(BUSINESS WIRE)--Dec. 22, 2005--Empire Energy Corporation International (Empire) (OTCBB:EEGC) announces Zeehan Zinc Limited (ZZL) has engaged law firm Atlantic Law LLP to facilitate the listing of ZZL on the Alternative Investment Market (AIM) of the London Stock Exchange. Empire holds a 37.5% interest in ZZL through a subsidiary.
This action follows the completion and tabling of several resource reports, including a compiled summary by the prestigious Anderson & Schwab Australia Limited, that nominated a valuation of the ZZL mineral assets between AU $112.4 million and AU $190.1 million, (US $83 million to US $140 million). Pre-IPO funding by way of private placements is being sought and is planned to finance the project until the listing is finalized.
Initial plans are for the production of concentrate for processing by the plant within the region and in close proximity to the mine. The key mining lease assets of ZZL are currently being reviewed by Mineral Resources Tasmania (MRT) for renewal. The Chairman of Empire, Keith W. Laing, attended a meeting with the MRT in Hobart, Tasmania, earlier this month and is confident in the anticipation that these key leases will be renewed early 2006. Exploration licenses EL20/2002 and EL30/2002, within which we have defined two potential economic deposits, the Oceana and the Mariposa, are currently being assessed as potential resources to feed the Comstock mill. The Exploration Licenses, owned by ZZ Exploration Pty Ltd, a subsidiary of ZZL, are subject to arbitration between Mineral Resources Tasmania on the basis of expenditure and recent report findings and will be listed for hearing early next year.
The AIM listing is expected to be achieved by late March 2006.
This press release contained forward-looking statements based on our current expectations about our company and our industry. You can identify these forward-looking statements when you see us using the words such as "expect," "anticipate," "estimate," "believes," "plans" and other similar expressions. These forward-looking statements involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of our ability to complete required financings and other preconditions to the completion of the transactions described herein and ZZL's ability to successfully acquire reserves and produce its resources among other issues. We undertake no obligation to publicly update any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. We caution you not to place undue reliance on those statements.
