HomeBase MetalsQ Resources plc plans to move into Africa

Q Resources plc plans to move into Africa

Early morning diamond
drilling in the DRC “’
one of Q Resources’
African targets
London, England — MININGREVIEW.COM — 12 April 2010 – Q Resources Plc “’ an investment company that has started trading in London “’ says it is able to raise between US$50 million (R375 million) and US$100 million (R750 million) to fund mining acquisitions in Africa by selling shares.

“Q Resources seeks to make a sizeable acquisition in the coming couple of months,” non-executive chairman Ivan Murphy said here in a telephone interview with Bloomberg News. ‘The company plans to invest in iron ore, gold or uranium projects in Africa,” he added.

Bloomberg reports that the company is focusing on deals in the Democratic Republic of Congo (DRC), the Central African Republic, Guinea and Mali. Based on the Channel Island of Jersey, Q Resources has raised US4.6 million (R34.5 million) selling shares on London’s Alternative Investment Market. Gazprom Invest MENA will advise Q Resources on future transactions.

The company’s shares more than doubled in London at the end of last week, increasing 6.75 pence to 12.75 pence and giving the company a market value of £7 million (R80 million).