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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (21898)	6/21/2008 11:00:17 AM
From: LoneClone	Read Replies (1) of 192748

Sirius jumps on agreement to buy tungsten assets in China hemscott.com LONDON (Thomson Financial) - Shares in AIM-listed Sirius Exploration Plc. soared after the company said it was granted an option to acquire some tungsten mining and production assets in China in a deal that values the company's shares at a significant premium to Wednesday's close. An initial interest of 10 percent will be bought for 6 million pounds in shares, which have been valued at 22 pence each, plus 2 million pounds in cash. At 8:13 a.m., shares in Sirius were up 1.875 pence, or 115 percent, at 3.5p. Sirius has been granted an option to purchase up to 25 percent of certain tungsten production assets from CIC Mining Resources Ltd. and Judian Group. The further 15 percent will be on the same cash pricing terms as the initial tranche. The assets are in trial production with full production expected to start in 2009.

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