Insurance Update
February 19 2010 - 9:43AM
UK Regulatory
TIDMTXR
RNS Number : 4194H
Titanium Resources Group Ltd
19 February 2010
Titanium Resources Group
Insurance Update
19 February 2010: Titanium Resources Group Ltd ("TRG" or "the Company")
announces a further update with regard to TRG and its subsidiary Sierra Rutile
Limited's ("SRL") legal action against insurers over its outstanding claims
relating to the capsize of Dredge D2.
Further to the Company's announcement on 24 December 2009, and due to
procedural developments since then affecting the pre-trial timetable, the timing
of the Court directed mediation between the Company and its insurers will be
further delayed by approximately four weeks. It is now expected that the
mediation will take place by the end of March 2010. The date set down for the
trial is unchanged.
The Company is not aware of any reason to consider that this procedural
adjustment will have an impact upon the likely outcome of the case.
ENDS
For further information:
Titanium Resources Limited
John Sisay, Chief Executive
Walter Kansteiner, Non-executive Chairman
Tel: +44 (0) 207 321 0000
Arbuthnot Securities
Nominated Adviser & Broker
John Prior / Ed Burbidge
Tel: +44 (0) 20 7012 2000
Aura Financial
Michael Oke / Andy Mills
Tel: +44 (0) 207 321 0000
Titanium Resources Group
Titanium Resources Group operates the Sierra Rutile mine in the Republic of
Sierra Leone, through its subsidiary Sierra Rutile Limited. The Group is the
country's largest private sector employer and produces rutile and ilmenite for
use in industrial applications. The Group's operations historically accounted
for over 65 per cent of the exports of Sierra Leone.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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