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Pallinghurst Resources Ltd Announces Faberge Brand Worldwide Licence
Hamilton, Bermuda - 01 September, 2008 - Pallinghurst Resources Ltd (PALLRES.BH) is pleased to announce that Gemfields Resources plc ("Gemfields") has completed the arrangements granting it an exclusive worldwide licence to use the Fabergé brand name in respect of coloured gemstones (excluding diamonds).
Shareholders are referred to the Company's abridged pre-listing statement released on the Stock Exchange News Service ("SENS") of the JSE Limited ("JSE") on Friday, 15 August 2008. Pallinghurst is pleased to announce that Gemfields Resources plc ("Gemfields") has completed the arrangements granting it an exclusive worldwide licence to use the Fabergé brand name in respect of coloured gemstones (excluding diamonds). Pallinghurst owns 46.8% in Fabergé Limited and an effective 28% interest in Gemfields through portfolio company Rox Limited.
Gemfields intends that the Fabergé name be reserved for high-end, conflict-free and ethically mined gemstones of guaranteed provenance. In addition, Fabergé gemstones will be individually numbered and certificated to ensure traceability.
Pallinghurst CEO Arne H. Frandsen said: "This transaction delivers the framework within which both Gemfields and Fabergé can deliver on the strategy of bringing some of the world's premier gemstones to the market under the Fabergé brand. This will create significant incremental value for Pallinghurst and all parties involved."
Gemfields CEO Sean Gilbertson said: "Coloured gemstones were a key theme in the remarkable works of Peter Carl Fabergé. Gemfields' ability to deploy the Fabergé name on coloured gemstones continues that association and adds yet another compelling layer to Gemfields' vision of bringing high grade, ethically produced, conflict-free gemstones of certified provenance directly from the mine to the market on an integrated basis."
The licence, granted pursuant to an option which Gemfields acquired in June 2008, covers an initial 15 year term.
1 September 2008
Sponsor
Investec Bank Limited
Enquiries
Pallinghurst
Arne H. Frandsen, CEO +44 (0) 20 751 83399
College Hill +27 (0) 11 447 3030
Johannes van Niekerk +27 (0) 82 921 9110