ZincOx Resources plc Sells Interest In Jabali Project To JV partner, Ansan Wikfs

ZincOx Resources plc announced that it has entered into an agreement for the sale of the entire issued share capital of ZincOx Resources (Yemen) Limited, which holds a 52% interest in Jabal Salab Company (Yemen) Ltd (Jabal Salab), to its JV partner, Ansan Wikfs (Jabal Salab) Ltd (Ansan). Jabal Salab has the right to exploit the Jabali deposit in Yemen, which contains both silver and zinc, and the consideration for the sale comprises a series of deferred payments to be made from cash generated from the (currently undeveloped) Jabali deposit once it has been developed, with a nominal payment of USD1 made by Ansan at signing, acknowledging that the value will be in the project once developed. The structure is similar to the one that ZincOx successfully employed in respect of the sale of its interest in the Shaimerden deposit in 2003.