ASX Release
24 July 2008
? Metallica sells Cockatoo Coal shareholding
? Increases cash reserves by $20million
Metallica Minerals Limited (ASX: ?MLM?) is pleased to announce that it has today sold its 25 million shares in Cockatoo Coal Limited (ASX: ?COK?).
The on-market sale of the Cockatoo shares was at 80 cents per share, grossing Metallica $20 million.
The transaction was concluded on market by the company?s brokers and placed with their institutional and other clients.
Mr Andrew Gillies, Managing Director of Metallica, said Metallica would have approximately $25 million in cash on hand following settlement of the Cockatoo Coal share sale.
?Our significantly increased cash reserves will be utilised to advance Metallica?s key mineral projects, particularly its north Queensland nickel projects, and the company?s holdings in coal (MetroCoal Ltd 84% interest) and bauxite (Cape Alumina Ltd 40%).
?It also enables Metallica to assess other opportunities that are compatible to the company?s core operations,? Mr Gillies said.
Earlier this week, Metallica announced additional nickel mineralisation and prospects identified across its expanding NORNICO project in north Queensland.
For further information please contact:
Mr Andrew Gillies Mr Kevin Skinner
Managing Director, Metallica Minerals Ltd Field Public Relations
Ph: (07) 3891 9611 Ph: (08) 8234 9555
Mob: 0416 137 556 Mob: 0414 822 631