China Growth Minerals becomes Impact Minerals' Major shareholder

On 25 September 2009 China Growth Minerals Limited (CGM), a Hong Kong-based investment company, reached agreement to acquire an initial 5.92 million ordinary shares in Impact Minerals (ASX: IPT) from Polo Resources Limited.

CGM acquired the shares for 17.5 cents per share and had an option to acquire a further 5.92 million shares from Polo. CGM has now exercised that option.

CGM is now Impact’s largest shareholder with 10.1% of the issued capital (11.84 million shares). Impact said it is pleased with this development which expresses CGM’s continued confidence in the Company.

CGM has been formed to invest in mineral projects worldwide and has advised Impact that the acquisition is a strategic longterm investment based in particular on Impact’s very large uranium exploration portfolio in Botswana.

This complements CGM’s investment in A-Cap Resources Limited, as well as Impact’s uranium resource in Western Australia. A-Cap owns the 150 Mlb Lethlakane uranium project.

Impact Minerals has also reported its Botswana exploration programme is proceeding on schedule with interpretation of down-hole radiometric probe data from the drill programme at Lekobolo and the soil sampling programme at Sua almost complete.

The company said soil sample programmes at Ikongwe and Shoshong have been completed and samples are in transit to the laboratory.

http://www.proactiveinvestors.com.au/companies/news/5897/china-growth-minerals-becomes-impact-minerals-major-shareholder-5897.html