Orogen Gold Regulatory News (ORE)

29 Dec 2006 10:01

Aricom PLC29 December 2006 Press Release 29 December 2006 Aricom plc ("Aricom" or "the Group") Issue of Garinskoye Licence Aricom plc (AIM: TIO), the Anglo-Russian developer of mineral resources, todayannounces that the results of the tender, as previously announced by Aricom on 5December 2006, have been formally approved by the Licensing Commission ofRosnedra, the Agency on the Use of Subsoil of the Ministry of Natural Resourcesof the Russian Federation, in Moscow and the licence has been issued to OOO AmurMining. Aricom expects to be in a position to purchase a controlling interest in OOOAmur Mining, the company holding the licence, on a cost reimbursement basis,subject to any relevant regulatory approvals. Further to the 5 December announcement, all references to reserves, resources,exploration results and mining that were included in the release were approvedfor release by Mr Martin Smith, C Eng. BSc (Hons) MIMMM, Technical Director forAricom and Mr Alexei Nikandrov, M AusIG, Chief Geologist for Peter Hambro MiningEngineering, both of whom have more than twenty years experience in the field ofactivity concerned and are Competent Persons. Mr Smith and Mr Nikandrov haveconsented to the inclusion of the material in the form and context in which itappears, all of which was derived from the following sources: GarinskoyeLicence Tender Documents; Merloni Group LLC - "Study for Garinskoye Deposit";UralGiproRuda Report - "Project works for Garinskoye Deposit"; and StPetersburg GiproRuda - "Report for Garinskoye Deposit". - Ends - For further information: Aricom plc Jay Hambro, Chief Executive Tel: +44 (0) 20 7201 8939j.hambro@aricom.plc.uk www.aricom.plc.uk AbchurchCharlie Jack / George Parker Tel: +44 (0) 20 7398 7700charlie.jack@abchurch-group.com www.abchurch-group.com Notes to Editors Aricom plc is a leading developer of Russian metal and mining assets, focusingon iron ore and ilmenite production and delivery. The Company was establishedin September 2003 to develop projects, situated in the north west of the AmurRegion, in Russia's Far East. These projects are set to service the Chinese andRussian commodity market. Aricom currently operates three projects in the Amur region and the adjoiningJewish Autonomous Region. The Company's projects Kuranakh, K&S and Bolshoi Seymhave combined estimated reserves and resources of over one billion tonnes ofIron Ore and Ilmenite ores. The location of the Company's deposits offer asignificant logistical advantage being close to the Trans-Siberian-Express andthe Baikal-Amur Magistral railways. In 2005, 700 million tonnes of iron ore were shipped globally, of that 300million (43%) was shipped to China. It is currently estimated that China is oncourse to have imported 300 million tonnes of ore by the end of 2006 tofacilitate its demand for steel production. In June 2006, Aricom announced aMemorandum of Understanding with China's largest nonferrous metal companyChinalco, to co-operate in the design and development of a Titanium Spongeproduction plant in China. Aricom is headquartered in London, with a highly experienced board of directorscomposed of British and Russian citizens. The company's shares were admitted totrading on the AIM Market in December 2003 and trade under the symbol TIO.L. Forfurther information please visit www.aricom.plc.uk This information is provided by RNS The company news service from the London Stock Exchange