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Tamaya Suspends Share Trading

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  • Tamaya Suspends Share Trading

    TAMAYA SUSPENDS SHARE TRADING

    Melbourne Herald Sun
    September 30, 2008 11:51am
    Australia

    COPPER miner Tamaya Resources has suspended the trading of its shares,
    a month after delivering a $141.2 million half-year loss.

    Tamaya said today its securities would be "suspended from quotation
    immediately at the request of the company following the commencement
    of discussions with the company's secured creditors".

    The company said in August that it would require "adequate working
    capital" to carry out its ongoing exploration and production, which
    Tamaya expected to be provided from its copper operation in Chile.

    Tamaya warned, however, that the company's cash position may become
    "constrained" and potential asset sales, "financing and corporate
    opportunities" would be considered to address the situation.

    Tamaya delivered a $141.2 million loss during the first half of
    fiscal 2008, to June 30, after writing down the value of Armenian
    and Portuguese gold projects, which are on care and maintenance,
    by $147 million.

    The company picked up the two projects after it acquired an 86.2 per
    cent stake in Iberian Resources Ltd through an unsuccessful takeover.

    Tamaya put the Lichkvaz gold project in Armenia on care and maintenance
    after deeming it had "not proven to be what was expected" and was
    not ready for development in the "foreseeable future".

    Shares in Tamaya last traded at 1.4 cents.
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