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Lappland Goldminers AB (STO:GOLD) Lappland Goldminers AB (publ), listed on First North and the Norwegian OTC list has made an agreement with the receiver in bankruptcyfor Scan Mining AB and its subsidiaries, to acquire the processing plant and the mines in Blaiken and Svärtträsk. The acquisition sum is SEK 40 million, and will be paid in four segments for a period of three years.
Lappland Goldminers calcultates that the operations will resume during 2008, and that the entire purchase sum will be earned back during 2009. Initially, the operation will focus on mining of the Ersmarksberget gold deposit.
The acquisition of Blaiken, together with the acquisition of Pahtavaara earlier this year has transformed Lappland Goldminers from an exploration company in to a producing mining company, ahead of the time schedule. With the transaction that Lappland Goldminers has acquired assets that previous owner had booked at a value of around SEK 700 million.
The acquisition has been financed through a directed new share issue of SEK 26 million to a group of institutions, at a share price of SEK 10/share.
- Not having to carry the high capital costs of the initial large investment of around SEK 700 million substantially improves the possibilities for a profitable mining operation in the area. During spring we have had major prospecting successes within the northern section of the Gold Line, with the discovery of two completely new gold mineralizations at Gubbträsk and Tjålmträsk, as well as a lead-silver mineralization at Lagbäcken. At the present time, work is mainly being carried out at the Lagbäcken deposits, with the goal to apply for an exploitation concession during 2009, says Lappland Goldminers CEO Karl-Åke Johansson.
For additional information about our exploration methods, the project and about the Company please visit our web site.
Weavering Capital AB has assisted as advisors in the directed new share issue.
The receiver in bankruptcy for ScanMining AB is, the attorney at law, Hans Berglund at Hamilton Advokatbyrå in Karlstad, and the receiver in bankruptcy for Blaikengruvan AB, is the attorney at law, Lars-Håkan Lindberg at Kaiding Advokatbyrå in Skellefteå.
For additional information: Karl-Åke Johansson, CEO Tomas Björklund, Board Member Ph. +46 950-275 01, +46 70-625 22 57 Ph. +46 70-662 35 35 karl-ake.johansson@lgold.se tomas.bjorklund@lgold.se
Or see Lappland Goldminers' web site at:
www.lapplandgoldminers.com About Mangold Fondkommission:
www.mangold.se
Lappland Goldminers AB is an exploration company and, through the acquisition of the gold mine and processing plant Pahtavaara in Finland, also a producing mining company. The operations in Pahtavaara are run out of the wholly owned subsidiary Lappland Goldminers Oy. The company is listed on the market place "First North" under the name GOLD, with Mangold Fondkommission AB as the Certified Adviser, as well as the OTC list of the Oslo exchange. Lappland Goldminers has secured a number of gold deposits along the so-called Guldlinjen ("The Gold Line") in Västerbotten. The Company's strategy is to develop a profitable, producing gold company with a centrally located processing plant in Fäboliden, Sweden, in the Haveri area in Finland, and Pahtavaara in northern Finland, which is supported by ore from one or several mines either through the Company's own exploration or alternatively through acquisitions. Lappland Goldminers is a member of SveMin, the trade association for mines, minerals and metal producers in Sweden and follows SveMin's reporting rules for public mining and exploration companies.
