Sylvania Platinum has confirmed that it is proceeding with the sale of its iron ore assets to Mercury Recycling Group.

It said that the disposal is proceeding in line with the announced timetable and that, subject to the approval of the shareholders of Mercury, completion of the sale and re-admission of the enlarged Mercury Group to trading on AIM is expected to occur next Thursday.

An announcement by Mercury has referred to purported claims to occupancy rights over land subject to the prospecting rights which Mercury is in the process of acquiring from Sylvania.

Mercury has obtained legal opinions that conclude that the claims do not have any valid entitlements which could impact on the enlarged Mercury group's rights to prospect.

Source - StockMarket Wire

(www.steelguru.com)