TORONTO, March 6, 2019 /CNW/ - Avesoro Resources Inc., ("Avesoro" or the "Company"), the TSX and AIM listed West African gold producer, is pleased to announce positive results from the Pre-Feasibility Study ("PFS") for its New Liberty Gold Mine ("New Liberty" or the "Mine") in Liberia, including an updated Mineral Resource and Mineral Reserve Estimate, Maiden Mineral Reserves at the Ndablama satellite deposit and an updated Life of Mine ("LOM") plan, incorporating the transition to underground mining operations.

The decision to transition to underground mining operations and undertake an updated PFS at New Liberty reflected the significant improvement in the level of confidence in the Mineral Resource following an extensive drilling programme over the last 12 months. The PFS shows a significant positive impact on the value of New Liberty and the economics of the Mine.

Pre-Feasibility Study Highlights:

• Seven year LOM extension to 2029, based on current Proven and Probable Mineral Reserves, with potential to extend further via the drilling of prospective satellite prospects across the Company's 1,394km2 exploration portfolio surrounding New Liberty;
• Proven and Probable Mineral Reserves increased by 89% to 17Mt containing 1,355,000 ounces of gold grading 2.49g/t;
• New Liberty Open Pit Mineral Reserves are 4.91Mt containing 494,000 ounces of gold grading 3.12g/t;
• New Liberty Underground Mineral Reserves are 4.66Mt containing 461,000 ounces of gold grading 3.08g/t;
• Ndablama Open Pit Maiden Mineral Reserves are 7.28Mt containing 400,000 ounces gold grading 1.71g/t;
• Measured and Indicated Mineral Resource of 20.47Mt containing 1,748,200 ounces of gold grading 2.66g/t;
• Inferred Mineral Resource of 3.0Mt containing 271,000 ounces of gold grading 2.8g/t;
• The New Liberty Mineral Resource remains open down dip, whilst the Ndablama Mineral Resource remains open down dip, as well as along strike. Additional resource development drilling in these areas has the potential to increase the resource base and infill drilling has the potential to convert a further portion of the existing Inferred Mineral Resources to the Indicated Mineral Resource category;
• Total forecast recovered gold of 1,259,446 ounces over LOM;
• Average forecast annual gold production of approximately 114,500 ounces over an eleven year LOM (2019 to 2029);
• Total development capital cost of US$35.9 million;
• Average LOM operating cash costs of US$767 per ounce and all in sustaining cash costs ("AISC") of US$862 per ounce1; and
• Post Tax NPV of US$286 million at a 5% discount rate and US$1,300/oz gold price (after debt repayment and associated finance charges) and LOM free cash generation of US$370 million1.

As part of the PFS, the Company has revised the mining schedule at New Liberty to take into account the transition of New Liberty from a solely open-pit operation to a combined open-pit and underground mining operation. As a consequence, New Liberty is now entering a period of higher waste stripping to complete the final open pit pushback and prepare the pit for the development of underground operations and as a result the AISC for New Liberty will temporarily increase as the Company undertakes this waste stripping that will be completed during 2019. The Company has held discussions with a number of open-pit mining contractors and received preliminary quotations which could enable the Company to further lower its open pit mining costs in future years.

Consolidated 2019 Production Guidance:

• Consolidated 2019 gold production expected to be 210,000 to 230,000 ounces;
• Consolidated 2019 operating cash costs expected to be US$850 to US$910 per ounce sold1;
• Consolidated 2019 AISC is expected to be US$1,110 to US$1,190 per ounce sold1, which includes higher waste: ore strip ratio of 22:1 and preparation for underground development at New Liberty; and
• Consolidated capital expenditure of US$45.1 million, of which US$43.4 million is sustaining capital investment and US$1.7 million related to the development of underground operations at New Liberty.

Serhan Umurhan, Chief Executive Officer of Avesoro, commented: "Following a successful 2018, we now look to build upon our position as a multi-asset producer and continue our focus on delivering further shareholder value. I am very pleased that we have been able to add substantially to the value of the New Liberty Gold Mine by increasing the NPV  to US$286 million via the addition of Maiden Mineral Reserves at Ndablama and the planned transition to underground mining operations at New Liberty. We are also reviewing the potential for a heap leach operation at Ndabalama with a view to further optimising the value of the asset.

As part of the plan to unlock the increasing value of New Liberty as outlined in the PFS, 2019 will see a substantially higher level of waste stripping and as a result, higher all-in-sustaining costs. In 2019 we expect production of 210,000 to 230,000 ounces of gold at an operating cash cost of US$850 to US$910 per ounce sold and all-in sustaining cost of US$1,110 to US$1,190 per ounce sold.

I also look forward to updating the market during the second quarter of 2019 about the results of our extensive 2018 exploration programme in Burkina Faso, which we expect to significantly add to the Mineral Reserves of the Youga Gold Mine".

2019 Operational Outlook by Asset:

New Liberty Gold Mine, Liberia ("New Liberty")

• Gold production is expected to be between 100,000 and 110,000 ounces in 2019 compared to production of 109,707 ounces in 2018;
• Operating cash costs are expected to be between US$870 and US$925 per ounce1;
• AISC, excluding the cost of capitalised waste stripping, is expected to be between US$990 and US$1,055 per ounce1;
• Additionally, the Company expects to incur capitalised waste stripping costs of US$200 to US$220 per ounce due to higher waste stripping ratio required to complete the final open pit pushback and to prepare the pit for the development of underground operations; and
• US$31.1 million of sustaining capital expenditure is planned for 2019.

Youga Gold Mine, Burkina Faso ("Youga")

• Gold production is expected to be between 110,000 and 120,000 ounces in 2019 compared to 2018 production of 110,751 ounces;
• Operating cash costs are expected to be between US$750 and US$800 per ounce1;
• AISC is expected to be between US$950 and US$1,015 per ounce1; and
• US$12.3 million of sustaining capital expenditure is planned for 2019.

Table 1: Summary of Forecast Project Physicals for each Full Year of Production

Table 2: Key LOM Financials

New Working Capital Facility

The strip ratio at New Liberty began to increase throughout the fourth quarter of 2018 as utilisation rates of the additional mining fleet that arrived during the second half of the year began to ramp up. This had the effect of increasing the Company's working capital requirements and operating costs at New Liberty during a period of lower production at both New Liberty and Youga as per the Q4 and full year 2018 physicals announced on January 17, 2019.  In response to this, the Company drew down US$15m on its existing working capital facility with its majority shareholder, Avesoro Jersey Limited ("Avesoro Jersey"), to assist with satisfying a scheduled repayment due under the Company's Project Finance Facility (the "Project Finance Facility") with Nedbank Limited and FirstRand Bank Limited (acting through its Rand Merchant Bank division) (collectively the "Lenders") at the end of 2018.

The Company also entered into an additional working capital facility of US$10 million with Avesoro Jersey (the "New Facility") on March 5, 2019, which it intends to draw down fully during March 2019 with funds available for general working capital purposes. The New Facility is unsecured, and ranks subordinated to the Company's existing facilities. Interest will be charged on drawn amounts at a fixed rate of 8.0 per cent. per annum. The New Facility is due to repaid in full no later than twelve months following the first drawdown and has no early repayment penalty. Following full draw down of the New Facility, the balance of working capital loans provided by Avesoro Jersey will be US$37.2 million.

Related Party Transaction (AIM Rule 13)

Avesoro Jersey is the Company's majority shareholder (72.9% of the Company's issued share capital). As a result, entering into the Facility constitutes a related party transaction under the AIM Rules as well as under Multilateral Instrument 61-101 ("MI 61-101") in Canada. The Company is relying on the exemptions available under sections 5.4(1) and 5.7(f) of MI 61-101 from the formal valuation and minority shareholder approval requirements. The independent directors of the Company, consisting of Mr David Netherway, Mr Jean-Guy Martin and Mr Loudon Owen consider, having consulted with the Company's Nominated Adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.

Updated Mineral Resource and Mineral Reserve Estimate

The updated Mineral Resource and Reserve Estimates were produced by CSA Global (UK) Ltd with an effective date of December 31, 2018.

Table 3: Updated Mineral Resource Estimate, prepared in accordance with CIM Standards.

Table 4: Updated Mineral Reserve Estimate, prepared in accordance with CIM Standards.

Technical Report

The PFS was completed by CSA Global UK Ltd ("CSA") with input from Avesoro and has an effective date of January 1, 2019. A supporting Technical Report summarising the PFS, prepared in accordance with the requirements of National Instrument 43-101 will be filed on SEDAR at www.sedar.com and on the Company's corporate website www.avesoro.com within 45 days of the date of this press release.

Disclosure of Other Related Party Transactions

Further to the Company's announcement dated 9 November 2018, the Company discloses at this time the following other related party transactions that it has entered into during the three months ended December 31, 2018. These transactions do not constitute related party transactions under rule 13 of the AIM Rules for Companies.

Drilling services provided to Burkina Mining Company SA ("BMC"), Netiana Mining Company SA ("NMC"), Eutruscan Resources Burkina Faso SA ("ERBF") and MNG Gold Burkina SARL ("MNGGB"), all subsidiaries of the Company, by Faso Drilling Company Sarl. ("Faso")

During Q4 2018, Faso, a wholly owned subsidiary of Avesoro Jersey Limited, has provided diamond and reverse circulation drilling services to BMC, NMC, ERBF and MNGGB. These services are provided on an arms-length basis at a rate of US$41-69 per metre, a rate significantly more favourable than the Company has previously been able to obtain from other third-party providers. The total value of these services provided over Q4 2018 is approximately US$1.2 million, payable in cash.

Drilling services provided to Bea Mountain Mining Corporation ("BMMC", a subsidiary of the Company) by Zwedru Mining Inc. ("Zwedru")

During Q4 2018, Zwedru, a wholly owned subsidiary of Avesoro Jersey Limited, has provided diamond and reverse circulation drilling services to BMMC.  These services are provided on an arms-length basis at a rate of US$40-85 per metre, a rate significantly more favourable than the Company has previously been able to obtain from other third-party providers. The total value of these services provided over Q4 2018 is approximately US$1.1 million, payable in cash.

Charter plane services provided to BMMC by MNG Gold Liberia Inc. ("MNGGL")

During Q4 2018, BMMC has chartered flights from MNGGL, a subsidiary of Avesoro Jersey Limited.  BMMC undertook a benchmarking exercise and agreed an hourly rate to be paid to MNGGL in respect of these services and is charged US$3,000 per flying hour. The total value of these services provided over Q4 2018 is approximately US$90,000, payable in cash.

Technical and support services provided to MNGGL by Avesoro Madencilik Hizmetleri A.S. ("AMH", a subsidiary of the Company)

During Q4 2018, AMH has provided technical and support services to MNGGL to support the Kokoya Gold Mine. These services are recharged to MNGGL at a mark-up of 5.5-13.5% over the cost incurred by AMH in providing these services. The total value of these services provided over Q4 2018 is approximately US$138,000, payable in cash.

Sale of consumables by AMH to MNGGL and Faso Drilling Company ("Faso") and provision of catering services by Burkina Mining Company ("BMC", a subsidiary of the Company) to Faso

During Q4 2018, AMH has procured on behalf of and sold to MNGGL and Faso consumables totaling US$1.2 million, payable in cash.  The consumables are charged at a rate of cost plus 4.5%.  During Q4 2018 BMC has provided catering services to Faso totaling US$37,000, payable in cash. 

Non-GAAP Financial Measures

The Company has included certain non-GAAP financial measures in this press release, including operating cash costs, all-in sustaining costs ("AISC") per ounce of gold sold and net present value ("NPV"). These non-GAAP financial measures do not have any standardised meaning. Accordingly, these financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with International Financial Reporting Standards ("IFRS").

Operating cash costs and AISC are a common financial performance measure in the mining industry but have no standard definition under IFRS. Operating cash costs are reflective of the cost of production.

AISC include operating cash costs, net-smelter royalty, corporate costs, sustaining capital expenditure, sustaining exploration expenditure and capitalised stripping costs. The Company reports cash costs on an ounces of gold sold basis.

Other companies may calculate these measures differently and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

About Avesoro Resources Inc.

Avesoro Resources is a West Africa focused gold producer and development company that operates two gold mines across West Africa and is listed on the Toronto Stock Exchange ("TSX") and the AIM market operated by the London Stock Exchange ("AIM"). The Company's assets include the New Liberty Gold Mine in Liberia ("New Liberty") and the Youga Gold Mine in Burkina Faso ("Youga").

New Liberty has an estimated Proven and Probable Mineral Reserve of 17Mt with 1,365,000 ounces of gold grading 2.49g/t and an estimated Measured and Indicated Mineral Resource of 20.47Mt with 1,748,200 ounces of gold grading 2.66g/t and an estimated Inferred Mineral Resource of 3.0Mt with 271,000 ounces of gold grading 2.8g/t. A supporting Technical Report summarising the PFS, prepared in accordance with the requirements of National Instrument 43-101 will be filed on SEDAR at www.sedar.com and on the Company's corporate website www.avesoro.com within 45 days of the date of this press release.

Youga has an estimated Proven and Probable Mineral Reserve of 11.2Mt with 660,100 ounces of gold grading 1.84g/t and a combined estimated Measured and Indicated Mineral Resource of 16.64Mt with 924,200 ounces of gold grading 1.73g/t and an Inferred Mineral Resource of 13Mt with 685,000 ounces of gold grading 1.70g/t. The foregoing Mineral Reserve and Mineral Resource estimates and additional information in connection therewith, prepared in accordance with CIM guidelines, is set out in an NI 43-101 compliant Technical Report dated July 31, 2018 and entitled "Mineral Resource and Mineral Reserve Update for the Youga Gold Mine, Burkina Faso" and is available on SEDAR at www.sedar.com.

For more information, please visit www.avesoro.com

Qualified Persons

The information in this press release relating to the Mineral Resource estimates for the New Liberty Gold Mine and Ndablama Gold Deposit has been prepared by Dr. Belinda van Lente, who is a registered Professional Natural Scientist (Pr.Sci.Nat) of the South African Council for Natural Scientific Professions. Dr. van Lente is a full-time employee of CSA Global (UK) Ltd and has sufficient experience which is relevant to the style(s) of mineralisation and type of deposit(s) under consideration and to the activity which she has undertaken to qualify as a "Qualified Person" as defined in National Instrument 43-101 "Standards of Disclosure for Mineral Projects" of the Canadian Securities Administrators. Dr. van Lente has reviewed and approved this press release and consents to the inclusion in the press release of the matters based on her information, in the form and context in which this appears.

The information in this announcement relating to the open pit Mineral Reserves for the New Liberty Gold Mine has been prepared by Dr. Matthew Randall, who is Chartered Engineer and a registered Member of the Institute of Materials, Minerals and Mining (IMMM) of the UK. Dr. Matthew Randall is an associate mining engineer of CSA Global (UK) Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he has undertaken to qualify as a "Qualified Person" as defined in National Instrument 43-101 "Standards of Disclosure for Mineral Projects" of the Canadian Securities Administrators. Dr. Matthew Randall has reviewed and approved this announcement and consents to the inclusion in the announcement of the matters based on his information, in the form and context in which this appears.

The information in this press release relating to the underground Mineral  Reserves estimate for the New Liberty Gold Mine has been prepared by Clive Brown, who is a registered Professional Engineer (Pr. Eng.) with the Engineering Council of South Africa and a fellow of the South African Institute of Mining and Metallurgy. Mr Brown is a director of Bara Consulting and an associate of CSA Global (UK) Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he has undertaken to qualify as a "Qualified Person" as defined in National Instrument 43-101 "Standards of Disclosure for Mineral Projects" of the Canadian Securities Administrators. Mr Brown has reviewed and approved this press release and consents to the inclusion in the press release of the matters based on his information, in the form and context in which this appears.

The information in this announcement relating to the study for the New Liberty Gold Mine has been prepared by Andrew Bamber, who is a registered Professional Engineer (P.Eng.) with the Association of Professional Engineers and Geoscientists of British Columbia (APEGBC) and a Member of the Canadian Institute of Mining, Metallurgy and Petroleum Engineers (CIM). Dr. Bamber is a director of Bara Consulting Ltd. and an associate of CSA Global (UK) Ltd., and has sufficient experience relevant to the type of deposit under consideration and to the work which he has undertaken to qualify as a "Qualified Person" as defined in National Instrument 43-101 "Standards of Disclosure for Mineral Projects" of the Canadian Securities Administrators. Dr. Bamber has reviewed and approved this press release and consents to the inclusion in the press release of the matters based on his information, in the form and context in which this appears.

The Company's Qualified Person is Mark J. Pryor, who holds a BSc (Hons) in Geology & Mineralogy from Aberdeen University, United Kingdom and is a Fellow of the Geological Society of London, a Fellow of the Society of Economic Geologists and a registered Professional Natural Scientist (Pr. Sci.Nat) of the South African Council for Natural Scientific Professions. Mark Pryor is an independent technical consultant with over 25 years of global experience in exploration, mining and mine development and is a "Qualified Person" as defined in National Instrument 43 -101 "Standards of Disclosure for Mineral Projects" of the Canadian Securities Administrators and has reviewed and approved this press release. Mr. Pryor has verified the underlying technical data disclosed in this press release.

Forward Looking Statements

Certain information contained in this press release constitutes forward looking information or forward-looking statements within the meaning of applicable securities laws. This information or statements may relate to future events, facts, or circumstances or the Company's future financial or operating performance or other future events or circumstances. All information other than historical fact is forward looking information and involves known and unknown risks, uncertainties and other factors which may cause the actual results or performance to be materially different from any future results, performance, events or circumstances expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "would", "project", "should", "believe", "target", "predict" and "potential". No assurance can be given that this information will prove to be correct and such forward looking information included in this press release should not be unduly relied upon. Forward looking information and statements speak only as of the date of this press release.

Forward looking statements or information in this press release include, among other things, statements regarding 2019 production of 210,000 to 230,000 ounces of gold and operating cost guidance of US$850 to US$910 per ounce sold, all-in-sustaining cash costs of US$1,100 to US$1,190 per ounce sold, as well as project level guidance of 100,000 and 110,000 ounces at New Liberty and 110,000 and 120,000 ounces at Youga, with operating cash costs at New Liberty of between US$870 and US$925 per ounce and US$750 and US$800 per ounce at Youga, and AISC at New Liberty of US$990 and US$1,055 per ounce and at Youga of US$950 and US$1,015 per ounce.

As well, all of the results of the PFS constitute forward-looking information or statements, including statements of average forecast annual gold production of approximately 114,500 ounces over eleven years (2019 to 2029), total forecast recovered gold of 1,259,446 ounces, total development capital cost of US$35.9 million, average LOM operating cash costs of US$767per ounce and AISC of US$862 per ounce, post tax NPV of US$286 million at a 5% discount rate (after debt repayment and associated finance charges) and LOM free cash generation of US$370million.

This release also contains references to estimates of Mineral Resources and Mineral Reserves. The estimation of Mineral Resources and Mineral Reserves is inherently uncertain and involves subjective judgments about many relevant factors. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation (including estimated future production, the anticipated tonnages and grades that will be mined and the estimated level of recovery that will be realized), which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral Resource or Mineral Reserve estimates may have to be re-estimated based on: (i) fluctuations in the gold price; (ii) results of drilling, (iii) the results of metallurgical testing and other studies, including their subsequent refinement and updating; (iv) proposed mining operations, including dilution; (v) the evaluation of mine plans subsequent to the date of any estimates; (vi) changes in mining or other costs, and (vii) the possible failure to receive required permits, approvals and licenses or changes to existing mining licences.

In making the forward looking information or statements contained in this press release, assumptions have been made regarding, among other things: general business, economic and mining industry conditions; interest rates and foreign exchange rates; the continuing accuracy of Mineral Resource and Reserve estimates; geological and metallurgical conditions (including with respect to the size, grade and recoverability of Mineral Resources and Reserves) and cost estimates on which the Mineral Resource and Reserve estimates are based; the supply and demand for commodities and precious and base metals and the level and volatility of the prices of gold; market competition; the ability of the Company to raise sufficient funds from capital markets and/or debt to meet its future obligations and planned activities and that unforeseen events do not impact the ability of the Company to use existing funds to fund future plans and projects as currently contemplated; the stability and predictability of the political environments and legal and regulatory frameworks including with respect to, among other things, the ability of the Company to obtain, maintain, renew and/or extend required permits, licences, authorizations and/or approvals from the appropriate regulatory authorities; that contractual counterparties perform as agreed; and the ability of the Company to continue to obtain qualified staff and equipment in a timely and cost-efficient manner to meet its demand.

Actual results could differ materially from those anticipated in the forward-looking information or statements contained in this press release as a result of risks and uncertainties (both foreseen and unforeseen) and should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. These risks and uncertainties include the risks normally incidental to exploration and development of mineral projects and the conduct of mining operations (including exploration failure, cost overruns or increases, and operational difficulties resulting from plant or equipment failure, among others); the inability of the Company to obtain required financing when needed and/or on acceptable terms or at all; risks related to operating in West Africa, including potentially more limited infrastructure and/or less developed legal and regulatory regimes; health risks associated with the mining workforce in West Africa; risks related to the Company's title to its mineral properties; the risk of adverse changes in commodity prices; the risk that the Company's exploration for and development of mineral deposits may not be successful; the inability of the Company to obtain, maintain, renew and/or extend required licences, permits, authorizations and/or approvals from the appropriate regulatory authorities and other risks relating to the legal and regulatory frameworks in jurisdictions where the Company operates, including adverse or arbitrary changes in applicable laws or regulations or in their enforcement; competitive conditions in the mineral exploration and mining industry; risks related to obtaining insurance or adequate levels of insurance for the Company's operations; that Mineral Resource and Reserve estimates are only estimates and actual metal produced may be less than estimated in a Mineral Resource or Reserve estimate; the risk that the Company will be unable to delineate additional Mineral Resources; risks related to environmental regulations and cost of compliance, as well as costs associated with possible breaches of such regulations; uncertainties in the interpretation of results from drilling; risks related to the tax residency of the Company; the possibility that future exploration, development or mining results will not be consistent with expectations; the risk of delays in construction resulting from, among others, the failure to obtain materials in a timely manner or on a delayed schedule; inflation pressures which may increase the cost of production or of consumables beyond what is estimated in studies and forecasts; changes in exchange and interest rates; risks related to the activities of artisanal miners, whose activities could delay or hinder exploration or mining operations; the risk that third parties to contracts may not perform as contracted or may breach their agreements; the risk that plant, equipment or labour may not be available at a reasonable cost or at all, or cease to be available, or in the case of labour, may undertake strike or other labour actions; the inability to attract and retain key management and personnel; and the risk of political uncertainty, terrorism, civil strife, or war in the jurisdictions in which the Company operates, or in neighbouring jurisdictions which could impact on the Company's exploration, development and operating activities.

Although the forward-looking statements contained in this press release are based upon what management believes are reasonable assumptions, the Company cannot provide assurance that actual results or performance will be consistent with these forward-looking statements. The forward looking information and statements included in this press release are expressly qualified by this cautionary statement and are made only as of the date of this press release. The Company does not undertake any obligation to publicly update or revise any forward looking information except as required by applicable securities laws.

SOURCE Avesoro Resources Inc.

For further information: Avesoro Resources Inc.: Geoff Eyre / Nick Smith, Tel: +44(0) 20 3405 9160; Camarco (IR / Financial PR): Gordon Poole / Nick Hennis, Tel: +44(0) 20 3757 4980; finnCap (Nominated Adviser and Joint Broker): Christopher Raggett / Scott Mathieson / Camille Gochez, Tel: +44(0) 20 7220 0500; Berenberg (Joint Broker): Matthew Armitt / Detlir Elezi, Tel: +44(0) 20 3207 7800; Hannam & Partners (Joint Broker): Rupert Fane / Ingo Hofmaier / Ernest Bell, Tel: +44(0) 20 7907 8500