Norseman Gold PLC – Not in Administration- Brief Explanation

PUBLISHED: Oct 08 2012 @ 04:16 | Comments (0) | More info about Tom Winnifrith

I am bombarded with emails today insisting that Norseman Gold PLC (LSE:NGL) is in administration. It is not. I think I know where the confusion lies, let me explain.

There has been no news from Norseman today ( contrary to assertions from some BB posters). However AIM listed North River Resources (LSE:NRRP) has issued the following RNS this morning:

“North River announces, in accordance with Rule 17 and Schedule Two (g) sub-paragraph (v) of the AIM Rules for Companies, that it has been notified of the following information by David Steinepreis, Managing Director and member of the board of North River: Mr Steinepreis is currently a director of Central Norseman Gold Corporation Ltd (‘CNGC’), a wholly owned subsidiary of AIM and ASX listed Norseman Gold Plc. CNGC was placed into administration on the 3(rd) October 2012. Mr Ron Dean-Willcocks of Dean-Willcocks Shepard has been appointed as administrator to CNGC”

The company referred to here is the operating unit at Norseman, not the PLC. This was all announced last week. Clearly this is not good news. It is in fact very bad news. But as I explained HERE it does not necessarily mean that your shares in Norseman are a write off.

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