BRM Brinkley Mining

 

TIDMBRM 
 
RNS Number : 6015D 
Brinkley Mining PLC 
04 December 2009 
 

For Immediate Release 
4 December 2009 
 
 
Brinkley Mining PLC 
"Brinkley Mining" or the "Company") 
Minority investment in Dragon Mining Limited 
 
 
The Board of Brinkley Mining is pleased to announce today that it has purchased 
an investment of 8.13 per cent.  in Dragon Mining Limited ("Dragon") for a cash 
consideration of A$5.4 million, equivalent to approximately GBP3 million at 
current exchange rates. The investment has been financed from Brinkley Mining's 
cash balances. 
 
 
Dragon Mining is listed on the Australian Stock Exchange (ASX Code: DRA) with a 
market value of approximately A$66 million and operates the Svartliden Gold Mine 
in Sweden and the Orivesi and Jokisivu Gold Mines in Finland, which collectively 
produced 74,206 ounces of gold in 2008.  As reported in Dragon's audited report 
and accounts for the year ended 31 December 2008, Dragon had a group total JORC 
compliant reserve and resource as at that date as follows: 
 
 
+----------------------------+-----------+-------------+------------+ 
| Classification             |    Tonnes |  Gold (g/t) |       Gold | 
|                            |           |             |   (ounces) | 
+----------------------------+-----------+-------------+------------+ 
| Measured                   |   453,700 |         3.9 |     56,900 | 
+----------------------------+-----------+-------------+------------+ 
| Indicated                  | 3,411,700 |         5.1 |    555,960 | 
+----------------------------+-----------+-------------+------------+ 
| Inferred                   |     3,246 |         5.2 |    542,800 | 
+----------------------------+-----------+-------------+------------+ 
| Total                      | 7,111,700 |         5.1 |  1,155,660 | 
+----------------------------+-----------+-------------+------------+ 
Notes: 
  1.  Source: Dragon Mining Limited 2008 audited Report and Accounts. These reserves 
  and resources have not been independently verified by Brinkley Mining. 
  2.  Total above includes Dragon's 20% interest in Zara. 
 
 
 
In the nine months ended 30 September 2009, Dragon announced that it had 
produced to date 49,097 ounces of gold. In the year ended 31 December 2008, 
Dragon made a profit before taxation of A$8.167 million on a turnover of A$69.98 
million. As at 31 December 2009 Dragon's net assets amounted to A$44.163 
million. For the six months ended 30 June 2009, Dragon announced that it had 
made a loss before taxation of A$7.532 million (after a foreign exchange loss of 
A$16.293) on a turnover of A$40.904 million. Net assets as at 30 June 2009 
amounted to A$43.618 million. Further information on Dragon is available at its 
website, www.dragon-mining.com.au. 
 
 
Eurogold Limited, which owns 29.04 per cent. of Brinkley Mining is also 
interested in 0.9 per cent. of Dragon andPeter Gunzburg, a Director of both 
Brinkley and Eurogold has an interest, through other related entities, in 0.1 pr 
cent. of Dragon. 
 
 
For further information please contact: 
Brinkley Mining Plc 
Peter GunzburgTel: +618 94810572 
Beaumont Cornish Limited 
Michael CornishTel: +44 (0) 20 7628 3396 
 
 
 
 
ENDS 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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