REG - Leyshon Resources - Anticipated Suspension from ASX Quotation <Origin Href="QuoteRef">LRL.AX</Origin>

Labyrinth ResourcesAnnouncement

06/09/2014 14:43

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RNS Number : 0645M
Leyshon Resources Limited
11 July 2014 
 
LEYSHON RESOURCES LIMITED 
 
11 July 2014 
 
Anticipated Suspension from ASX Quotation 
 
As previously disclosed, following the successful demerger of Leyshon Energy
Limited in January 2014, Leyshon Resources Limited (AIM/ASX: LRL) ("Leyshon
Resources" or the "Company") has been actively pursuing and studying potential
investment opportunities in the resources sector which are in line with the
Company's stated investing policy. The Company's strategic objective is to
identify projects for merger or acquisition that have a clear pathway to
production or monetization and can generate high returns to shareholders. 
 
Australian Securities Exchange ("ASX") policy is to allow companies that have
disposed of their main undertakings a six-month period within which to satisfy
ASX that the company has a sufficient level of operations to justify continued
quotation of the company's securities on the ASX. With funds available for
investment and the volume of opportunities being presented to Leyshon
Resources for consideration, the Board had expected to be in a position to
implement a programme to create value from its existing Mt Leyshon assets or a
suitable project acquisition in time to satisfy the ASX's continued operations
policy. 
 
Since the demerger and subsequent appointment of a new Managing Director in
February 2014, the Company has been actively reviewing a number of project
opportunities, including appropriate due diligence enquiries, and entered into
negotiations with several parties. Whilst the Company is currently evaluating
a number of opportunities, there can be no certainty that a transaction will
be concluded. 
 
The Company has also been actively pursuing opportunities to utilise its
existing Mt Leyshon assets in northern Queensland. The Mt Leyshon Project
comprises five Mining Licences with a total area of 2,546 hectares, 24
kilometres south of Charters Towers. The Mt Leyshon Gold Project was a
large-scale, open-cut mine operated from 1987 to 2002, producing over 2.5
million ounces of gold and 2.3 million ounces of silver during its mine life.
The Company has compiled all its historical exploration and drilling data and
forwarded it to an external party to reassess the exploration potential of the
Mining Licences. The Company has also forwarded historical information and
previous economic studies in relation to reprocessing of its mill scat
stockpiles to an external consultant familiar with the project for review and
preparation of a revised proposal. These opportunities are not yet at a
sufficient stage to satisfy ASX requirements for continued quotation under
Chapter 12 of the Listing Rules. 
 
Accordingly, the Board advises that trading in the shares of the Company will
be suspended by the ASX from 14 July 2014. Leyshon Resources will remain an
ASX listed entity and provided it is able to recommence operations of a level
that, in the opinion of the ASX, is sufficient to justify quotation of Leyshon
Resource's securities in the future, the suspension of trading in the
Company's shares will be lifted. 
 
Leyshon Resources Managing Director Corey Nolan said: "With its available cash
reserves, Leyshon Resources is well positioned to pursue quality projects in
accordance with our investment strategy. Every effort will be made to ensure
we secure assets that are most likely to achieve the corporate objectives and
strategic aims of the Company." 
 
In the interim, the Company will continue to evaluate suitable investment
opportunities and will keep the market informed of any material developments
as they occur. 
 
The Company confirms that its securities continue to trade on the AIM Market
and the Company remains subject to Rule 15 of the AIM Rules for Companies
("AIM Rules") whereby the Company will have to make an acquisition(s) which
constitute a reverse takeover under AIM Rule 14 or otherwise implement its
investing policy to the satisfaction of the London Stock Exchange within
twelve months of the demerger of Leyshon Energy. 
 
For further information please contact: 
 
Leyshon Resources Limited 
 
Corey Nolan - Managing Director 
 
Tel: +61 7 3221 7770 
 
admin@leyshonresources.com 
 
RFC Ambrian Limited 
 
Samantha Harrison (Nominated Adviser) 
 
Kim Eckhof (Corporate broking) 
 
Tel: +44 (0)203 440 6800 
 
http://www.leyshonresources.com 
 
Leyshon Resources Limited ABN 75 010 482 274 
 
Level 3 / Suite 3, 1292 Hay Street, West Perth 6005, Western Australia 
 
Tel: + 61 8 9321 0077 Fax: + 61 8 9322 4073 
 
This information is provided by RNS
The company news service from the London Stock Exchange