ZincOx Resources Plc – Interim Results

ZincOx Resources Plc – Interim Results

Interim Results for the six months ended 30 June 2009

ZincOx Resources plc (ZOX) today announces its results for the six months ended 30 June 2009.  ZincOx specializes in technology to recover zinc from various unconventional feed materials including non-sulphide ore deposits and waste materials such as electric arc furnace dust. The Company is constructing a zinc mine at Jabali in Yemen and planning the development of its first waste recycling plant.  The Company is also entitled to ongoing zinc price related payments from the Shaimerden zinc deposit in Kazakhstan.

Highlights

  • Jabali mine and processing plant construction progressing well
  • Cash balance remains strong at £64 million
  • EAFD supply agreements signed in Korea

Commenting on the interim results, Andrew Woollett, Chairman said,
“During the first six months of this year construction of the Jabali plant has continued apace and mining is well underway.”

Summary
Over the past six months we have continued to press ahead with the development of the Jabali mine and refinery in Yemen, where first production is scheduled for mid 2010.

The zinc price has come back from the lows experienced in the first quarter of this year and at today’s date has recovered to US$1,900 per tonne. Our next Shaimerden deferred payment, due in January 2010, will be based on the average of the zinc price across the current year.

Due to the considerable uncertainty resulting from the global economic crisis we decided earlier this year to defer the development of our first recycling project. However we continue to investigate ways of reducing the capital cost and to expand our strategy globally.

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