NewswireToday - /newswire/ -
Redcliffe, Western Australia, Australia, 2008/04/25 - The reason of the termination is the fact that TransAfrican Minerals has failed to honor the financial and exploration commitments assumed with Entropy in due time.
Entropy Resources S.A.(Entropy) a private Argentinean mining company, with HQ in Perth, Western Australia, in relation to the press release dated 4 April 2008, wishes to announce that the Board of Directors of Entropy has decided to terminate the binding Memorandum of Understanding (MoU) signed on 3 March 2008 by Mr. Mohamed Matongo on behalf of TransAfrican Minerals Limited (TransAfrican), in connection with 4 exploration projects (38 licenses) that make the portfolio of Entropy in the province of San Juan, Argentina. The reason of the termination is the fact that TransAfrican Minerals has failed to honor the financial and exploration commitments assumed with Entropy in that agreement in due time.
Eduardo Videla, President & Director of parent company Entropy Resources Pty Ltd comments: "It is a big disappointment that TransAfrican Minerals Ltd, apparently a serious emerging global mining company, has not fulfilled the financial obligations agreed in the binding MoU signed in good faith between the parties. Entropy wishes to advice to its shareholders, contractors, underlying owners and supporters, our regret by choosing TransAfrican Minerals as business partner, and also that this temporary setback will not stop its Board of Directors in its duty of care of finding the right partners and financial backers to fulfill its corporate commitment of explore and discover world-class deposits within its portfolio of properties, located in a hot-spot of the mining landscape of Argentina.
Signed "Eduardo Videla"
ENTROPY RESOURCES S.A./ENTROPY RESOURCES PTY LTD
President & Director Entropy Resources Pty Ltd
Vice President & Director Entropy Resources S.A.
This release includes certain statements that are "forward-looking statements". All statements in this release, other than statements of historical facts that address future exploration, development and production activities, and other circumstances, events and developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results, events and developments may differ materially from those in the forward-looking statements. The occurrence of certain risk factors, the probability of which is unknown, may also affect actual results, events and developments expected by the Company.