Tuesday, 28 September 2010

Malagasy abandons merger plans - The West Australian 

http://au.news.yahoo.com/thewest/business/a/-/business/8007287/malagasy-abandons-merger-plans/
Malagasy abandons merger plans - The West Australian
Malagasy Minerals says it has decided against its proposed merger with Madagascar Resources after last week announcing encouraging drilling results from its ... Malagasy Minerals says it has decided against its proposed merger with Madagascar Resources after last week announcing encouraging drilling results from its Ianapera nickel-copper project in Madagascar, which sent its shares soaring. "Malagasy believes that, while the proposed combination of the assets of the two companies in Madagascar has strategic merit, it is not in Malagasy shareholders' best interests to proceed with the merger at this time," the company said in a statement. Malagasy said the termination of the merger freed it to concentrate on further drilling at its Ianapera project. Last week the company announced it had intersected a zone of massive and disseminated sulphides in its first drill hole into the target. "Drilling is continuing at Ianapera, where Malagasy is testing up to 11 massive sulphide gossans containing anomalous nickel, copper and PGEs, located in the north-eastern part of its broader Ampanihy project," the company said. Shares in the company are set to emerge from a trading halt this morning having last changed hands for 21 cents. Source : http://au.news.yahoo.com/thewest/business/a/-/business/8007287/malagasy-abandons-merger-plans/

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