Frankfurt Ticker: RDM (WKN: A1CTMK)
Ridgeback Global Recources Plc - A mineral exploration and development company

Ridgeback Increases Shareholding in Sierra Leone Joint Venture Company, Ridgeback Mining Sierra Leone Limited (RMSL)

Ridgeback Global Resources Plc. (“Ridgeback”), today announced an increase in its shareholding in the Sierra Leone Joint Venture Company, Ridgeback Mining Sierra Leone (RMSL), from 40% to 50%.

RMSL was been formed in collaboration with Ridgeback Global Resources’ local partner, Mr. Tom Tucker, for the purpose of the ownership, financing, development and commercialization of three alluvial diamond and gold mining concessions in the Kono District, Sierra Leone.

The increased shareholding by Ridgeback represents an agreement with RMSL shareholders to adopt a long term philanthropic strategy in Sierra Leone as well as assume control over the future marketing of the diamonds and gold once in full production. Ridgeback’s board see this as an essential part of the Company’s mining development strategy in Sierra Leone and look forward to implementing the planned roll out of all mining and associated philanthropic operations.  

Ridgeback’s Director, Charmaine King, has spent the past 12 months developing relations and an understanding of the needs of the people in Sierra Leone with special attention on developing a sustainable and socially responsible investment strategy within Sierra Leone.
 
Charmaine King comments, “Ridgeback’s marketing team will promote self sufficiency in their philanthropic endeavors in Sierra Leone, never removing the human respect from an individual or the desire to achieve. We wish to provide employment with assistance to excellent health and nutrition and never remove the self-esteem or the cultural values of the people.” Charmaine continues, “Programs will include ‘Doctors Without Borders,’ focusing on the grave need for medical attention for the women of childbearing age as this social group has the highest death rate (prenatal as well as during and post natal) in Sierra Leone. Other social investment programs will focus on vision and other basic medical needs including financial support for Hospitals and on-site medical clinics providing valuable medical assistance to the mining communities surrounding the Ridgeback mining sites.”

About Ridgeback:
Ridgeback Global Resources Plc (“Ridgeback”), engages in the acquisition, exploration, and development of Gold and Diamond properties in Sierra Leone, South Africa and Canada.

Ridgeback has formed a strategic alliance with Ridgeback Mining Sierra Leone (RMSL), an established gold and diamond mining company in Sierra Leone, Western Africa. Ridgeback has agreed terms with RMSL for an initial term of 5 years, with 5 year extensions, to enter into 50% ownership Joint Venture agreements on all current and future gold and diamond mining concessions secured through the joint venture partnership.

The company also owns a 100% interest in the 3,524 hectare Ridgeback Diamond project in the Saskatchewan, a proven diamond rich area in Canada.

For more information about the company please visit www.ridgebackmining.com or www.ridgebackmining.de.

For any further information please contact our Investor Relations Team directly:

Investor relations phone: +44 (0)207 193 0540
Germany office: +49 (0)7031 785 2789
 
Forward looking statements:
The Ridgeback Global Resources plc (“Ridgeback”) communications contains certain statements regarding future events (as understood in the U.S. Private Securities Litigation Reform Act of 1995) that express the beliefs and expectations of management. Such statements are based on current expectations, estimates and forecasts on the part of company management and imply various known and unknown risks and uncertainties, which may result in actual earnings, the financial situation, growth or performance to be materially different from the estimates expressed or implied in the forward-looking statements. Statements with respect to the future are characterized by the use of words such as "expect", "intend", "plan", "anticipate", "believe", "estimate", "may", "will", "should", "shall" and similar terms. Ridgeback is of the opinion that the expectations reflected in forward-looking statements are appropriate; however, it cannot guarantee that these expectations will actually materialize. Ridgeback does not assume any obligation to update these forward-looking statements or adapt them to future events and developments