The Chairman's Blog


Dear Shareholders,

Apologies for our delay in updating you on progress at Cambridge Mineral Resources PLC (‘CMR’).
This has been mainly due to our being operationally dormant.

Masa Valverde – Spain

Your company CMR holds a royalty interest (via Glencore PLC) in this large poly-metallic project. Masa Valverde is owned and operated by Atalaya Mining Plc (‘Atalaya’) who also own and operate the nearby Rio Tinto copper mine.
This project is at an advanced exploration stage and Atalaya is continuing to further advance and expand the project via drilling and testing.

Specifically in 2023 Atalaya has:

  • announced a new Mineral Resource Estimate
  • published a NI 43-101 technical report
  • obtained Unified Environmental Authorisation by the Junta de Andalucía (the application process for which was initiated in December 2021).
Atalaya’s indicative timeline for commencement of production at Masa Valverde is 2025/26.(which is based on a series of assumptions, including in relation to permitting and results of economic studies).


For the time being, CMR will continue to be non-operational and dormant.

We will issue further updates in due course.

Yours sincerely,

Michael Burton

05 December 2023


Dear Shareholders,

New mining projects.

Given the continuing strengthening metal prices we are currently investigating for possible acquisition certain mining opportunities with near-term production potential. We will issue a further update in due course.

Masa Valverde – Spain

The project was acquired by Atalaya Mining Plc in October 2020. Atalaya (formerly Emed Mining) owns the nearby Rio Tinto copper mine and are listed on the AIM and TSX stock exchanges. CMR and Glencore retain their royalty interests in Masa Valverde. We look forward to the project being progressed.


In 2020 the company continued to be non-operational and financially dormant, and our unaudited accounts have been prepared on that basis.
We expect to announce the date for our 2021 Annual General Meeting shortly.

Yours sincerely,

Michael Burton

11 March 2021


Dear Shareholders,

There have been no developments during the last year.

Masa Valverde – Spain

We, together with Glencore, retain a royalty interest in this exploration-stage project. We await developments on this project by the current owner, which we will announce as and when they arise.


The company continues to be non-operational and is financially dormant, and accounts have been prepared and filed on that basis.

Yours sincerely,

Michael Burton

18 May 2020

Chairman's blog 10th June 2019

This is our first update to shareholders since last year. The reason for this delay is that there has been no relevant news to report.

Masa Valverde – Spain

We, together with Glencore, retain a royalty interest in this exploration-stage project. We await developments on this project by the current owner, which we will announce as and when they arise.

Romerita – Spain

Following our drilling campaign in 2017 it was decided not to progress this project, given the considerable additional exploration that would be required.


The company continues to be non-operational and is financially dormant, and accounts have been prepared and filed on that basis.

Yours sincerely,

Michael Burton

10 June 2019

Chairman's blog 13th February 2018

Dear Shareholders,

I am writing to bring you up to date with developments since 2017.

Project: Masa Valverde – Spain

Glencore, having completed its work following the exploration phase, decided to transfer its main interest in Masa Valverde to a third-party, with a view to the development and production phases being taken forward from there. Glencore has retained a NSR royalty alongside that of CMR’s NSR royalty. An independent 43-101 study of Masa Valverde has recently been completed and plans are now being made for the next steps. We await developments. As previously reported, our royalty is potentially extremely valuable as and when Masa Valverde enters production.

Project: Romerita – Spain

We have completed our maiden drilling campaign at Romerita. The results indicated that further work is required to identify sufficiently economic mineral deposits. No decision has been taken on that yet.

Projects: Other

We are investigating other potential projects and opportunities. Our focus is on near-term production/cashflow. There are a number of such opportunities, however considerable due diligence is being undertaken before we progress matters.


Between March and May 2017 three directors, including chairman Geoffrey Hall, left CMR to pursue their other interests. This left two directors being Mark Slater and myself. There are no plans at present to recruit further directors.


The company has been and is non-operational and is effectively dormant, and accounts have been prepared and filed on that basis. Expenditure has been minimized. No directors have taken salaries or expenses since 2016.


Our Annual General Meeting is to be held on 26 March 2018 and I look forward to welcoming all who are able to attend. As usual there will be a Q&A session afterwards.

Yours sincerely,

Michael Burton

13 February 2018

Chairman's blog 6th December 2016

Dear Shareholders,

Firstly, I would like to apologise for the delay in news since my last Blog on 17th February 2016. Such further news as there was during the year was incorporated in my Chairman’s Report in the Annual Report and Accounts on 14th November 2016, to which I can now add some further news.

Masa Valverde

The exploration permit for Masa Valverde is held by our Spanish subsidiary Cambridge Mineria Espana SL (“CME”). As you know, CMR has an Investment Agreement with Glencore under which Glencore could earn-in to CME by way of their funding of expenditures; at the same time CMR had the option to match Glencore’s funding in order to retain our share of CME according to milestone levels. However, CMR has not been able to raise further finance in the current harsh climate in commodity markets and mining, and thus could not contribute any funding to CME and therefore Glencore has now completed its earn-in to 100% of CME. That leaves CMR with its entitlement to a 1.5% Net Smelter Return (Royalty)on Masa Valverde. This is potentially very valuable if and when Masa Valverde goes into production at some stage in the future and indeed it underpins the share capital value of CMR. Currently Glencore is evaluating the results of its drilling campaigns at Masa Valverde. A great deal more work is required to take Masa Valverde towards production for which there is no certainty in these volatile economic times. We therefore await further news.


Following our maiden drilling campaign at the Romerita Group of properties we have evaluated the results. As I have reported before, those results were as expected given the limited drilling scope. One of the issues we have had to contend with at Romerita was the paucity of data left by previous companies, which for example included BHP Billiton in the 1970s. So our work has had to entail considerable research on identifying potential drilling targets and that work is ongoing.


As you know, our Annual General Meeting is to be held on 8th December 2016 and I look forward to welcoming any and all who are able to attend. As usual there will be a Q&A session afterwards.

Yours sincerely

Geoffrey Hall

06 December 2016

Chairman's blog 17 February 2016

Dear Shareholders,

I am very pleased to be able to report that we have now commenced drilling at our St Bartoleme property in Spain. This is an exciting development for CMR, and the first major milestone in our stated plan to explore, develop and take into production near-term mining opportunities in the mineral-rich Iberian Pyrite Belt. It is also the first drilling on a wholly-owned CMR property in 9 years!

I have spoken to you of this plan before but it took longer than expected to prepare everything, as is often the way in Spain; however, I would like to thank the local mining authorities and the various essential service providers there for their assistance in getting us to the drill-pad!

St Bartoleme is part of our Romerita group of properties, which we hold under exclusive option. Romerita includes former producing mines, mainly for manganese, but which are also prospective for polymetallics including copper. They are all located in the Huelva province, Andalucia and are in relatively close proximity to the producing Aguas Tenidas zinc mine.

Our plan in this first phase of drilling includes testing certain geological anomalies. Depending on the results and assays we can then target the most prospective locations for the second phase of drilling.

Please check our website for the full announcement and you are very welcome to subscribe for announcements to be sent directly to you.

I look forward to updating you further in due course.

Yours sincerely

Geoffrey Hall

17 February 2016

Chairman's blog 21 January 2016

Dear Shareholders,

We are now into 2016 and the outlook for the financial markets continues to be uncertain due to global economic factors with a corresponding impact on mining and metals.

By way of a brief update, our Open Offer completed on 20 January 2016, having been extended to enable some shareholders to invest later than the original timeline.

The total funds raised in the Open Offer were £101,945.55, approximately half of which was invested by directors. This amount is far short of the funds required to cover for the cost of the planned IPO and therefore this will impact our plans and timetables. However, your board is simultaneously working on other options to bring tangible value to shareholders, news of which will be communicated to shareholders as and when possible.

Our Spanish projects continue to advance and we await the start of drilling on wholly-owned Andalucia project.

Yours sincerely

Geoffrey Hall

21 January 2016

Chairman's blog 21 December 2015

Dear Shareholders,

This is my first blog since July and it is already approaching the end of the year. My intention was to communicate with shareholders more frequently than this, but it is often the case that there is either not enough to be said, or much that cannot be said.

It has been a very busy year for CMR:

Our joint venture Masa Valverde project has advanced over 28,000 metres of drilling and our partners exercised their option to take 40% of the business. The ownership situation at Masa Valverde is under constant review, and this may change shortly.
Our wholly-owned Andalucia project has advanced towards its drilling campaign, which is now expected in early 2016. Many hurdles are to be overcome before actually commencing work, and I believe that we are close to overcoming the remaining difficulties.
At our AGM in November all resolutions were duly passed.
We have commenced an Open Offer to shareholders to assist in financing the Company’s plan to re-list on AIM.
Finance is key to our plans. As we all know the stock market has had a very difficult year with miners hit particularly hard and commodity prices struggling. There is no doubt that this is an extremely difficult period in which to raise funds. There is a very bleak attitude to commodities currently, and the outlook is still uncertain. Thanks to all those shareholders who have supported the company in the current fund raise. I personally have continued also to provide finance, and I believe that the tide will turn and this will prove to be a very advantageous time to invest.

I wish all shareholders a very happy Christmas and New Year.

Yours sincerely

Geoffrey Hall

21 December 2015

Chairman's blog 31 July 2015
Good news! Following up on my last blog regarding moving CMR forward towards re-listing on AIM via an IPO.

As you know, to be admitted to AIM a company must have a Nominated Advisor (‘Nomad’) and a Corporate Broker, both authorised by the London Stock Exchange.

After a review of several potential candidates, CMR has this week appointed Grant Thornton UK LLP as Nomad.

Now begins the hard but pleasant work to get the Company ready for IPO.

Kind regards,

Geoffrey Hall

31 July 2015

Chairman's blog 09 July 2015
Firstly, I must apologise for the long gap since my last post; there has been much going on for the Cambridge board in recent weeks, and I did not want to provide partial or conditional information.

The company’s finances continue to improve, creditors are continually reduced, and current liabilities are now at a very low level as a result of careful management and continued financial support from board members.

The 2014 Report and Accounts are now finalised, have been audited by PKF Littlejohns, and are now filed with Companies House. These will be circulated to shareholders shortly, and it will be seen that the company’s balance sheet is in much better shape than in recent years.

I have mentioned in previous blog postings the company’s intention to relist the shares on the London stock market, and I am very pleased to say that at the most recent board meeting your directors unanimously agreed to appoint a Nominated Advisor. This is a necessary step to commence the re-flotation process. I cannot yet stipulate the date for IPO yet, but it is hoped that this can happen before the end of 2015. Shareholders will be informed as soon as possible, so that any decision to participate in the IPO can be made in good time.

The selection of Brokers to the company is also underway and an announcement will be made soon.

Operationally, the company is now in suitable shape for an IPO. Firstly, our joint venture at Masa Valverde is proceeding as planned, and indeed, is slightly ahead of schedule. There are currently several drill rigs on site with three of them working 24/7. The drilling programme results confirm CMR’s previous data and the attractiveness of the Masa Valverde resource.

Secondly CMR’s other interest in Andalucia, now back under our control following the successful efforts to prevent expiration of the concession.

Shareholders are encouraged to view all these developments with optimism.

The date for the AGM will be advised to shareholders together with the 2014 Accounts, in a few weeks. I look forward to meeting all those shareholders who are able to attend.

Kind regards,

Geoffrey Hall

09 July 2015

Chairman's blog 17 October 2014
Since my last blog, work has continued at Masa Valverde. The geophysical and related work has taken longer than planned but that is time well spent in order to maximize the efficiency of the drilling to follow. Our partners Glencore are currently finalizing infrastructure arrangements necessary for drill rigs to be able to move on to site in the next few weeks. Masa Valverde is a very large polymetallic deposit in the Iberian Pyrite belt, and we are expecting to learn more about the extent of the ore body, and the mineralization from the drilling programme due to start in the very near future

At our other concessions in Huelva province, our technical team has been developing our knowledge base on these properties whilst we await the issuance of our drilling permits. CMR has high hopes that these concessions, all of which are 100% attributable to our company, will prove to have attractive ore bodies. We plan to commence drilling at one location very shortly, and other concessions are being evaluated by our consultants.

It remains our firm intention to seek to refloat CMR, and to achieve this the company has been advised that our Masa Valverde interest, together with a satisfactory formal resource report one of our separate concessions will be necessary. Consequently once we receive satisfactory drilling results on one or more of our Huelva projects we will be commencing the process towards floatation.

In the meantime please visit our website for information, news and updates.

We held our Annual General Meeting yesterday. All resolutions were duly passed. There was a very interesting Q&A session afterwards in which I and the other directors were asked a wide range of questions covering the Company’s history and current developments and we were able to discuss some matters in detail and get useful feedback from shareholders.

Kind regards,

Geoffrey Hall

17 October 2014

Chairman's blog 14 July 2014
Progress at Masa Valverde proceeds under the management control of our Joint Venture partners, Glencore Xstrata. Current activities include geophysical surveying ahead of the drilling programme due to commence in September.

In June we, together with EMED (Rio Tinto mine) and Matsa (Aguas Tenidas mine), presented our plans to the local communities in Beas in an important event hosted by the Ministry of Economy and the mayor. With these communities providing personnel, goods and services to each of us we felt it was important as part of our social responsibility policies to present our plans for information and discussion. The media coverage of this is available on our website.

We are also in the process of identifying suitable drilling contractors for work on our Romerita concession, which is fully controlled by your company through our Spanish subsidiary Andalucia British Mining Corporation. The company continues to progress this and other concessions held under option in Andalucia, with the key support of our local mining advisors and ably co-ordinated by Jose Navalon. As ever, the pace of progress is not wholly within our control but we are hopeful our proposed scout drilling programme on Romerita will be approved, and will commence very soon. The results of this programme will be a key influence on the future options for, and roadmap of the business.

This timetable leads me to be cautious with regard to the timing of any potential re-float of the company. Flotation absolutely remains the ambition and focus of the board, but we are professionally advised to be patient to optimise our potential. We are on track, and further progress on the ground will stand us in good stead; as a result our time horizons are extended beyond this autumn.

There are more developments that your board are driving through, and I strongly suggest that shareholders and other interested parties continue to visit company website, where I will post further updates on the Chairman’s Blog.

Lastly I am pleased say that our accounts for year ending 2014 were submitted on time and are unqualified, which is a giant step forward. May I thank the team and our advisors for all the hard work put in to achieve this. As a result we plan to hold this year’s AGM in Limehouse, London E14 as early as September, and I will advise you further via my blog as soon as possible. We look forward to meeting those of you who can attend and to fully updating you on our progress and plans.

Geoffrey Hall

Cambridge Mineral Resources plc

14 July 2014

Chairman's blog 4 April 2014
In early March, Mark Slater and myself attended the PDAC conference in Toronto, with the intention of meeting counterparties who either might be a source of finance for CMR, or who might be interested in working with CMR in Andalucia in some capacity. These meetings were useful, some more so than others, and it may well be that CMR will find it possible to form a fruitful business relationship with one or more of these companies. I will not give further details for reasons of confidentiality.

Hispalense concessions Andalucia:
A follow up visit to our concessions and managers in Andalucia confirmed our judgement that the recently optioned concessions at Romerita and San Bartolome will emerge as significant resources, and accordingly detailed plans for a short term drilling programme are currently being drawn up. As ever, finance is a challenge, and currently the Board is very much focused on sources of funding.

Masa Valverde:
The next meeting of the Joint Venture company is on April 11th in Madrid. I shall be attending along with Jose Navalon.

The Board maintain their target of seeking to re-float in Q4 2014. There are many hurdles to overcome in order to achieve this, and also this depends crucially on being able to finance the near- term drilling programme. All possibilities are currently being considered.

04 April 2014

Chairman's Blog 23 February 2014
At Masa Valverde the new project management company is already embarked on preliminary activity on the ground, including infrastructure and preparation for the new drilling program. The first meeting of the Board of the project company is to be held in mid-March, and Jose Navalon will be attending this as CMR’s representative.

In my previous Chairman’s Blog (10 January 2014), I advised shareholders that CMR planned to expand its portfolio of mining interests in Andalucia, southern Spain, by acquiring further concessions, which would have shorter time-frames to permitting and production. I am therefore pleased to announce that we have signed a three year option agreement with the first years payment made; to acquire the Romerito group of 11 mining projects in western Andalucia. CMR’s technical team are of the opinion that the mineral resources at the various concessions should prove to be highly attractive and they are already drawing up a drilling programme. CMR will benefit significantly from the exploitation phase, which is planned to be in 2017. A press release with further details on these projects will be issued in the next few days.
The board and its advisors have just completed a further management and fact-finding visit to other potential concessions in Andalucia. I shall post further blogs regarding these.

Romerito and Masa Valverde are both significant parts of the Board’s plan for CMR, and already we are confident that the efforts of the directors involved in these developments, both in London and in Spain, will be bearing fruit in the foreseeable future as the company is close to completing its regional plan before moving into the next stage taking it into production.

I would also like to advise shareholders, investors and any other interested parties that CMR has finalised a complete redesign of the company website. I hope that this will be a useful addition to the efficiency of CMR’s communication procedures in the future.
Please continue to visit our website on a regular basis as there will be further significant updates posted for your information.

23 February 2014

Chairman's Blog 10 January 2014
There has now been substantial multi-media publicity concerning Cambridge's ("CMR")successful acquisition of the Masa Valverde concession. Both I and Jose Navalon have appeared on local television and in the press, alongside members of La Junta de Andalucia to publicise the award.

CMR shareholders will be pleased to know that a project manager has already been appointed to manage the joint venture established with Glencore International to develop Masa Valverde. The project is to be managed within CMR's wholly-owned Spanish subsidiary Cambridge Mineria Espana SL. Glencore will finance and control the project, and CMR's interests will be represented by regular project management meetings, comprising Glencore and CMR executives.

Masa Valverde is a very large and also a long term project, and the CMR board is actively seeking to bring in other mining concessions in Andalucia, which we would intend to develop and bring into production in a much shorter time frame. Negotiations are continuing with the current owners of a number of existing concessions, which are not subject to public competition. CMR is optimistic that we shall acquire options over some of these very soon. With a portfolio of mining interests that will deliver cash flows in both the nearer term and longer term, the board believes that CMR will once again become a highly focused and coherent Andalucian mining company.

The latest report on the status of CMR may be read in the 2012 Annual Report and Accounts, published elsewhere on this website. Funds subscribed by shareholders in mid-2013, and funds received from Glencore in respect of the Masa Valverde joint venture have enabled the board to continue to manage the company as a going concern, and also meet the most pressing of creditors. I would like to thank contributing shareholders for their active continuing support. The board will seek to identify the most efficient source of funding for the near term projects referred to above. Going into 2014 we intend to maximise our very good relations with La Junta de Andalucia, and we may be applying for additional licenses in the region.

CMR's technical mining advisors will be assessing the new opportunities, and advising the board accordingly.

The concession at Lomero Poyatos("LP") - shareholders will recall this was once held by CMR, then transferred to Iberian Gold and subsequently revoked by La Junta - was re-licensed to Petaquilla, and this has since also been revoked. LP is thus back in public hands.

14 January 2014

Chairman's Blog 21 June 2013
I am delighted to report that it has been officially announced by the Provincial Mining Authorities in Sevilla and Huelva, Spain that a highly significant mining permit to exploit metal resources at Masa Valverde in Western Andalucia has been awarded to Cambridge Mineria Espana SL, a wholly owned subsidiary of Cambridge Mineral Resources Plc. A company press release has been posted elsewhere on this website, giving further details of the awarded permit.

The award of this permit is the culmination of many months of hard work by the executive directors of CMR, and as chairman and on behalf of shareholders I thank them warmly for their intense efforts. Senor Navalon has carried out very important work, establishing a visible and positive presence for CMR in Spain; Michael Burton and Mark Slater have worked tirelessly to enable CMR to step up and exploit this new opportunity.

In the near term CMR will seek to fund the initial work on the permit by signing a Joint Venture Agreement with an International Mining Major. who would finance the first exploration phase on Masa Valverde and thereby earn-in to a share of the project. This is a commonly used source of funding for junior mining companies, and will allow Cambridge to prepare itself for the future. The company will be identifying further additional mining projects in the Masa Valverde region and will seek to expand operations thereby creating a regional mining business with a wide range of metal resource and a balanced future cash flow profile.

CMR will be undertaking a minor fund raising programme immediately to finance the company’s expenses over the next few months, and In order to pay our way in the later stages of the Masa Valverde project, CMR will need to consider a more substantial fund raise. This may include an IPO and a return to the markets, or there may be alternative ways forward. The Masa Valverde project is going to transform CMR into an active mining company once again.

06 June 2013

Chairman's Blog 06 June 2013
Since my last message posted on this website there have been some sharp moves in metal prices, mostly downwards. Gold is perhaps the most spectacular, recently dropping below $1400 and more than 25% from peak levels. Copper has drifted down over the last six months, and is also 20% below its high point; other base metals have seen similar weakness. This movement obviously makes existing operations a little less profitable for mining companies, but it need not hinder the continued development of the more accessible prospects.

Cambridge has high hopes of acquiring mining concessions and recommencing operations in southern Spain, and an announcement is now expected before the end of June. The local (Andalucian) mining authorities are taking a position of being very strongly committed to encouraging and promoting the development of mining opportunities in the Iberian Pyrite Belt. The authorities are actively seeking the clear economic benefits, including jobs, taxes, and exports, that will come with a reactivated industry.

All CMR directors, who have been working hard for zero cash payments, are ready to take the company forward as an active miner. If we are successful, the next challenge will be to finance the exploration phase of the project, and the board is already exploring different ways to achieve this. I shall keep shareholders and other visitors to this site fully informed on progress.

06 June 2013

Chairman's Blog 02 Jan 2013
I would like to wish all CMR shareholders (and also others interested in CMR) a very happy new year for 2013.

This coming year is going to be very important for the company, as the investment, planning and preparation that the Board has undertaken during 2012 starts to bear fruit. I must emphasise that there are as yet no certainties, but I believe that the company now has a very high probability of achieving the initial target, which is to gain undisputed title to at least one significant mineral prospect in Andalucia. The work to achieve this has been led by CMR’s newly appointed Spanish director Jose Navalon, and his local knowledge and expertise has been crucial in reaching the position we are now in. CMR hope to announce positive news during the first half of 2013.

If successful, CMR will be in a position to start to build a valuable mining business in Spain, and in the medium term, shareholders may reasonably be optimistic concerning the value of their long-dormant investment. Establishing and growing this business will take time, further investment, and a lot more effort from the board, but I take great encouragement from the fact that the two executive directors have worked hard on an expenses-only basis all through 2012 to reach this point. As the CMR non-executive chairman and a near-10% shareholder, I shall be continuing my endeavours on your behalf.

CM'’s planned operations have in the past been focused mainly on gold production, and the current plans will additionally involve other minerals. Most metals prices are somewhat below the highest levels seen in the past few years, but there is still substantial profit to be made at current prices. The gold price fix is still well above $1600/oz; other metal prices are also resilient in the face of the downturn among many western economies, experiencing continued demand in other fast-growing countries.

02 January 2013

Chairman's Blog 28 Nov 2012
I have to say that, having attended last year’s AGM as, like you all, an ordinary shareholder, I am slightly surprised to find myself here in the Chairman’s chair one year later. I would like to welcome you all here, and I look forward to bringing you up to date with developments within CMR a little later on. I propose to proceed with the formal business of the meeting, and to take questions as we proceed.

Election of directors.

In order to progress CMR’s activities in Andalucía we have invited Sr Jose Navalon to join the board of CMR, and I am very pleased to say that Jose has accepted. He was asked to take the role of local representative of the interests of Recursos Metalicos, our original Spanish operating company, and has been managing the progress of the company’s interests and plans locally. If we are successful in achieving our goals Jose will deserve much of the credit. Jose’s appointment arose after the AGM documents were printed and he will therefore seek election at the next AGM.

Michael Burton, who is the Managing Director of CMR, represents continuity and his historic knowledge and his mining experience are indispensable to CMR if the company is to progress. Michael was re-elected at the previous AGM.

Mark Slater had previously been a director of the company, and stood down at the last AGM as a result of the voting at that meeting. Mark acted, and to his great credit, continued to act as Chief Executive of the company, and at my suggestion was invited to re-join the board in July 2012. As with Michael, Mark’s contribution to the development of CMR has been immense, and the position in relation to our many creditors is due to his efforts in managing the very thin financial resources available to the company.

Tim Greatrex accepted an invitation to join the board in a non-executive capacity at the same time as myself, and has been particularly instrumental in improving the focus of the board on maintaining high standards of corporate governance, and in providing a clear focus and strategy for our plans for the company.

Before the vote on the financial reports is taken, I want to bring you up to date with the current position, insofar as I am able. You will all be aware that the mining concession at Lomero Poyatos, once held by Recursos Metalicos, is now lost, and has in fact been awarded to another company. Since the Annual Report was issued it has transpired that there is currently no realistic prospect of recovering it, and our efforts are focused on pursuing other prospects, on behalf of CMR in Andalucía, where we believe there are considerable new opportunities, and also that CMR’s historic presence and technical knowledge means that we may have some good chances of successfully acquiring other concessions.

We now recognise that the way forward for us is to proceed in co-operation with other interested parties. The board remains active and optimistic, and will continue with their best endeavours to achieve progress with only minimal financial resources available. There are, as I said, additional possible projects that might be achievable in Andalucía, but shareholders will appreciate that in the early stages of our endeavours, confidentiality is paramount. Two of your directors have been in Andalucía this week engaging in meetings with key counterparties; there is high optimism that meaningful progress will be announced in the first quarter of next year. I can give you no detail at this time, and I ask your forbearance in this matter. I shall keep shareholders fully informed on progress, and will do so as promptly as I can. The company website will be the most immediate form of such communication, and I encourage you to visit the site regularly. I have started to post what I hope are informative statements on the Chairman’s Blog section of the company website, my comments today will be posted there as soon as possible after this meeting, and I shall continue to do use the site for up to date communications.

CMR’s other remaining asset is therefore its joint venture interest in Bulgaria, where exploration is continuing.

Once again thank you for your attendance.

28 November 2012

Chairman's Blog 03 Oct 2012
The new board of directors of CMR have been working hard to progress the business of the company.

The sale of the Peruvian operation, completed in July, has provided CMR with value in the form of Laconia shares, and a modest cash payment over the ensuing six months. Both the shares and the cash payments have been used to pay down some of the debts owed by CMR to various creditors. Complete repayments have not been possible, but creditors are being dealt with in what I regard as a fair and even-handed way. CMR cannot conjure money out of nothing and I would ask for your patience in this regard.

The board has taken a decision to reconsider further cash payments to the Bulgarian business. The board is endeavouring to establish whether there is any clear prospect of realising value from this operation in the medium term, and whether further payments would be a good use of CMR’s limited resources. Attempts are being made to reach some kind of understanding with our joint venture partner.

Shareholders will know of the situation in Andalucía from the Chairman’s statement included in the recently circulated 2011 report and accounts. (It should here be noted that CMR is now in full control of Recursos Metallicos SL (“RM”) and Iberian Gold Plc.) Subsequent to the legal action taken against the Spanish authorities over the loss of RM’s mining permit at Lomero Potayos, the board has met with the Director of Mining in Andalucía to request that the compensation that we are claiming be satisfied by the issue of further, unqualified mining permits elsewhere in Andalucía. This discussion process is continuing, and the board is currently optimistic that such permits should be forthcoming. CMR is using expert advisors in Andalucía to progress the necessary applications. I should point out to shareholders at this stage that CMR has no cash resources available to meet the expenses of this work, and all costs are being met by the directors personally.

Updated information for investors and potential investors will continue to be posted on this website.

03 October 2012

Rather a lot!
If you took all the gold ever mined it would make a 67 foot cube. If you were to value this cube at $1,500/ounce you would be able to buy all the farm land in USA plus ten companies the size of Exxon Mobil and you would have a trillion dollars left over. People obviously like gold.

15 May 2011

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