Aminex PL has sold its shareholding in Amicoh Resources Ltd. to fellow shareholder Mocoh Resources Ltd. for a cash consideration of $250,000 and that as a consequence is no longer a participant in the Manja license in Madagascar.
"In Madagascar progress has been slower than anticipated and selling our interest at this time represents sensible management of our overall portfolio in the region," said Brian Hall, Aminex chairman. "This will allow us to concentrate more of our available resources on other projects with a potentially more immediate impact. These include appraisal and commercialization of our recent Kiliwani North discovery, exploration of the adjoining and newly awarded Songo-Songo West permit and first drilling in the Ruvuma Basin, all in Tanzania. In Kenya we will progress work on Blocks L17 & 18, awarded late last year, while in Texas we anticipate spudding a significant new deep exploration well at Alta Loma in the next few days. "