Shareholders in Pan Palladium (PPD) have voted against the issue of shares and options to Braemore in relation to the Grass Valley platinum group metal deposit.

Braemore was set to spend AU$6 million to gain a 50 per cent stake in PPD's project by completing feasibility studies.

It would also have the potential to own up to 43 per cent of the firm's issued capital through the subscription for shares if existing shareholders approved.

Clayton Dodd, Executive Director of Braemore, said he was disappointed at the decision but revealed it would not hit his firm that hard.

"We remain confident - particularly in light of heightened interest in the ConRoast technology following our recent JSE listing - in securing similar arrangements with other emerging UG2 and Platreef PGM and base metals producers," he added.

He said that Braemore would continue to maintain a working relationship with PPD over the future development of the project.



Source:

Pan Palladium shareholders vote against Grass Valley JV with Braemore, 30/07/08
http://www.mineweb.com/mineweb/view/mineweb/en/page674?oid=58258&sn=Detail

Previous stories on Braemore Resources

http://www.platinum.matthey.com/media_room/braemore_resources_to_list_on_jse_this_month_18676331.html

http://www.platinum.matthey.com/media_room/1207051223.html