Celamin Holdings NL (ASX:CNL) Further Advance to Celamin Limited

Melbourne, Aug 30, 2011 AEST (ABN Newswire) - Celamin Holdings NL (ASX:CNL) is pleased to announce that it has advanced a further A$1 million to Celamin Ltd (CL) pursuant to the terms of its Acquisition Agreement with CL.

This further tranche of funding will be used to fast-track drilling at the Chaketma Phosphate project as well as assisting CL in completing its Pre Feasibility Study (PFS) and delineating a maiden JORC compliant resource on the Bir El Afou project.

The Pre Feasibility Study and JORC resource announcement for Bir El Afou is targeted for the end of September and this funding will help ensure compliance with the previously announced project timetable.

CNL has recently contracted a senior geologist to assist CL in completion of the PFS.

CNL have also contracted independent consultants to complete an independent valuation of the CL projects in order to provide CNL shareholders with the required information to assist them when voting on resolutions to approve the full merger of CNL and CL. This shareholder meeting is currently expected to be held later this year.

Chairman Kevin Nichol said "The board has provided an environment conducive to the completion of the roll up of the projects and companies into one listed entity as quickly as possible. This will assist in the application of the provisions of Chapter 11 and the application or otherwise of the provisions of Chapter 1 and 2 of the ASX Listing Rules. This further advance helps us take this exciting project forward as quickly as possible".

Contact

Kevin Nichol Chairman Celamin Holdings NL Ph: +61-3-9692-7222 Fax: +61-3-9529-8057 Email: generaladmin@victoriangoldmines.com.au