Brisbane, Feb 6, 2009 AEST (ABN Newswire) - This announcement is in response to an article on page 23 of The Australian newspaper today in relation to sale of Linc Energy Ltd's (ASX:LNC)(PINK:LNCYF) Emerald (Teresa) coal exploration permits.
The Company is concerned that the article contains a statement regarding the likely value of this asset sale which has the potential to create confusion in the market. So as to clarify the position, the Company confirms that it is continuing negotiations with several parties, including the Xinwen Mining Group, regarding the sale of its Emerald (Teresa) tenements. These negotiations remain confidential in nature and although progressing, they are not yet at a stage that they could be considered complete nor warrant fufther disclosure.
Linc Energy cannot provide any additional comment on the value that it anticipates receiving at this time, and confirms that Mr Bond, the CEO of Linc Energy, did not suggest any values in his interview with The Australian newspaper. Mr Bond's reported 'hinted' response was a comment upon the obvious deteriorating market conditions that now exist as opposed to when the Emerald (Teresa) tenements heads of agreement was signed last September.
As stated in its announcement of 23 December 2008, the Company is continuing to aggressively work towards completion of the sale of its Emerald (Teresa) tenements in February 2009 and will provide a further update to the market at the appropriate time.
Linc Energy is also continuing to receive strong interest in relation to its Pentland and Galilee Basin coal tenements in Queensland and is looking at various options to unlock the value of these non-core coal assets.
Contact
Mr Peter Bond
Chief Executive Officer
Phone: +61 7 3229 0800
E-mail: pab@lincenergy.com.au
| ||
|
