Frontier Mining Ltd Regulatory Approval for sale of Naimanjal (3521N)

TIDMFML

RNS Number : 3521N

Frontier Mining Ltd

28 July 2014

FRONTIER MINING LTD

("Frontier" or "the Company")

Regulatory Approval to proceed with sale of Naimanjal

Frontier Mining (AIM: FML), the AIM listed Copper production, exploration and development company focused on Kazakhstan, announces that the Company has now received approval from Ministry of Industry and New Technology of the Republic of Kazakhstan ("RoK") to proceed with the sale of Naimanjal licence area to Union Transnationale Miniere S.A. ("UTM").

As previously announced on 10 March 2014, the Company has agreed to sell its 100% owned subsidiary FML Kazakhstan LLP, owner of the Naimanjal licence area to UTM for a cash consideration of US$30 million.

The Naimanjal licence area is located approximately 200 km West of Semey in North East Kazakhstan, with four commercial discoveries covering 529km(2), including Baitemir, Yubileiny and Beschoku.

All proceeds from the sale are expected to be used for repayment of maturing debt of the Company and financing capital expenditures for the ramp up of copper production at Benkala to maximum levels. A further announcement will be made once completion of the sale has taken place.

-ENDS-

 
Frontier Mining Ltd 
Yerlan Minavar                Tel: +44 20 7898 9019 
 
Nomad 
Cairn Financial Advisers LLP 
Sandy Jamieson                Tel: +44 20 7148 7900 
 
Broker 
RFC Ambrian 
John Harrison                 Tel: +44 20 3440 6800 
 Stefan Murphy 
PR and IR 
Walbrook 
Paul Cornelius                Tel: +44 20 7933 8780 
Guy McDougall

This information is provided by RNS

The company news service from the London Stock Exchange

END

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