London Mining is pleased to announce that it has signed a letter of intent with Wits Basin Precious Minerals, Inc. ("Wits Basin") which may result in London Mining becoming a 50/50 joint venture partner for Wits Basin's iron ore project in Ma Anshan in the People's Republic of China. The potential transaction remains subject to due diligence and finalization of definitive legal documents.
London Mining's priorities for 2012 are to understand where we are and where we want to be, by consulting our shareholders, employees, communities and other key stakeholders. To realise this goal we will review the main sustainable development trends in the mining sector and identify best industry practices.
London Mining's vision is to maximize value for all stakeholders and to become a top 10 supplier to the steel industry within the next five years. We will do this through partnerships that create an environment conducive to investment and ensure local economic, environmental and social conditions are improved through our operating presence.
London Mining ("London Mining" or the "Company") announces that China Global Mining Resources Limited ("CGMR"), a subsidiary of the China Global Mining Resources (BVI) Limited joint venture (“JV”) which is held 50:50 with Wits Basin Precious Minerals Inc (“Wits Basin”), has received a claim regarding the payment of the deferred consideration for the purchase of the Sudan processing plant. The claim is to be determined through arbitration. CGMR is in discussions with the sellers of the plant regarding this claim and a resolution (either by agreement of through arbitration) is expected in the next 6 months. The Sellers have no legal or commercial recourse to London Mining or any subsidiary other than the CGMR JV with respect to this claim.
Flooding are the most common form of natural disaster in the UK and are now part and parcel of the British winter months; widespread flooding happens at least once a year in the UK. Earlier this year, torrents of rain hit the UK, with Cumbria the worst-affected area; heavy, prolonged rainfall caused bridges and road networks to collapse and four people lost their lives. In 2007, Yorkshire was hit hard by floods and some people are still recovering from the destruction caused by the floods three years later; the floods killed six people and left hundreds of people homeless and thousands without electricity.
Wits Basin Precious Minerals Inc. (OTC BB: WITM) is a minerals exploration and development company that holds an impressive property portfolio.Wits Basin owns the Bates-Hunter Gold Mine in Central City, Colorado. Discovery of gold at the Bates-Hunter Mine in 1859 kicked off the Colorado gold rush and established Denver as a major American cityWits Basin currently owns 35% of the issued and outstanding shares of capital stock of Kwagga Gold, a wholly-owned subsidiary of AfriOre International.Wits Basin's exceptionally strong management team includes professionals with over 150 combined years of business, mining and technical experience
In 2007, Yorkshire was hit hard by floods and some people are still recovering from the destruction caused by the floods three years later; the floods killed six people and left hundreds of people homeless and thousands without electricity.
Flooding are the most common form of natural disaster in the UK and are now part and parcel of the British winter months; widespread flooding happens at least once a year in the UK. Earlier this year, torrents of rain hit the UK, with Cumbria the worst-affected area; heavy, prolonged rainfall caused bridges and road networks to collapse and four people lost their lives. In 2007, Yorkshire was hit hard by floods and some people are still recovering from the destruction caused by the floods three years later; the floods killed six people and left hundreds of people homeless and thousands without electricity.
Wits Basin Precious Minerals Inc. (OTC BB: WITM) is a minerals exploration and development company that holds an impressive property portfolio.Wits Basin owns the Bates-Hunter Gold Mine in Central City, Colorado. Discovery of gold at the Bates-Hunter Mine in 1859 kicked off the Colorado gold rush and established Denver as a major American cityWits Basin currently owns 35% of the issued and outstanding shares of capital stock of Kwagga Gold, a wholly-owned subsidiary of AfriOre International.Wits Basin's exceptionally strong management team includes professionals with over 150 combined years of business, mining and technical experience
In 2007, Yorkshire was hit hard by floods and some people are still recovering from the destruction caused by the floods three years later; the floods killed six people and left hundreds of people homeless and thousands without electricity.
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