AFNR Afnat Resources

 

TIDMAFNR 
 
RNS Number : 3371I 
AfNat Resources Limited 
10 March 2010 
 

 
 
For immediate release 
                                                                   10 March 2010 
 
                            AfNat Resources Limited 
                           ("AfNat" or the "Company") 
 
                                Operations Update 
 
AfNat (AIM: AFNR) is pleased to provide the following operations update. 
 
Status of the Company's Holdings in Securities 
 
Following the announcements of 18 January 2010 and 25 January 2010 regarding the 
disposals of the shares the Company held in Bannerman Resources ("BMN") and 
Marenica Energy ("MEY"), the Company now holds shares in one listed junior 
mining stock, namely Niger Uranium Limited. Niger Uranium Limited recently 
announced a special dividend to all shareholders, pro rata to their 
shareholding. Accordingly, AfNat is pleased to advise that it will receive 
approximately US$4.1m. The dividend proceeds will be used to increase the 
Company's cash balance and to assess the possibility of other investments. 
 
The Board also remains pleased with its investment in Copper Development 
Corporation ("CDC"), a private BVI company, that has positive financial 
projections in the Hinoba-an Copper Project over which it holds a controlling 
stake. Once again subject to market conditions, CDC is planning a listing on AIM 
in Q2 of 2010. 
 
Assets in Mozambique and Zambia 
 
The Board is eager to move ahead with its exploration projects in Mozambique and 
Zambia. Following the recent sale of the Company's subsidiary RRCC Limited, 
which owned the Togo licences, it is the Board's intention that similar deal 
structures are established for the assets in Mozambique and Zambia where AfNat 
relinquishes a substantial portion of its interest, however retains 
participation right from a future date if adequate mineralisation is identified 
in the asset. 
 
Looking ahead, the Board reiterates its commitment to the new business strategy. 
The Board is fully committed to preserving cash and targeting investment 
potentials in projects and companies focused on nickel, uranium and other types 
of natural resources in Zambia, Togo, Mozambique and other African countries. 
 
 
Enquiries: 
AfNat Resources Limited 
David Weill, Chairman 
Tel: +44 (0) 20 7881 0180 
 
Nominated Adviser, Seymour Pierce Limited 
Nicola Marrin/Catherine Leftley 
Tel: +44 (0) 20 7107 8000 
ENDS 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCDGGDXRBGBGGC 
 

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