Kolar Gold Limited BGML Mines Tender Update (4648J)
17 Juli 2013 - 8:00AM
UK Regulatory
TIDMKGLD
RNS Number : 4648J
Kolar Gold Limited
17 July 2013
17 July 2013
Kolar Gold Ltd
('KGL' or the 'Company')
BGML Mines Tender Update
Kolar Gold Ltd (AIM: KGLD) today provides an update to the
announcement made on Thursday 11 July 2013 relating to media
reports that the Supreme Court of India had instructed the
Government of India to proceed with the tender sale and mine
revival of the historic Bharat Gold Mines Limited ('BGML') gold
mines at Kolar Gold Fields.
KGL is pleased to report that the written order (the "Order")
from the Supreme Court of India has been published and the Order
recommends that the Government of India should initiate a global
tender for the revival of the BMGL gold mines. Information outlined
in the Order was in line with the board's expectations. KGL, in
conjunction with local partners and the BGML ex-employees, will now
take steps towards preparing a counter offer bid that will meet the
requirements of the tender document, which is currently being
finalised by the Indian Mines Ministry.
Further updates on the process will be announced in due
course.
Enquires:
Kolar Gold Limited
Nick Spencer +617 3846 0211
N+1 Singer (Nomad and Joint Broker)
James Maxwell / Jenny Wylie +44 20 7496 3000
Ocean Equities Limited (Joint
Broker)
Will Slack +44 20 7786 4370
Tavistock Communications
Edward Portman +44 20 7920 3150
-END-
This information is provided by RNS
The company news service from the London Stock Exchange
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