Admission to AIM

RNS Number:6284Y
Resmex plc
20 February 2006


20 February 2006


                                   RESMEX PLC

                          ("Resmex" or the "Company")


                                Admission to AIM



The Company announces that its ordinary shares were admitted to AIM earlier
today and that accordingly it has completed the acquisition of the entire issued
share capital of Xtract Oil Limited ("Xtract") not already owned by it (the
"Acquisition"). Following the Acquisition, the number of issued ordinary shares
in the Company is 286,559,800; based on the share price of the Company at the
close of business on 17 February 2006, the Company's market capitalisation is
approximately #20.1 million.


Information on Xtract

Xtract is investigating and developing a technology for the processing of oil
shale (the "Xtract Technology"). It is intended that the Xtract Technology will
produce refinery-acceptable crude oil from the kerogen contained in the oil
shale. The Xtract Technology is a method of processing oil shale in the presence
of hydrogen and solvents, known as supercritical solvent hydrogenation.
Validation of the experimental work and development of a commercial process
would result in intellectual property which may be licensed for use with oil
shale deposits throughout the world. There is a substantial shortfall in oil
production in Australia leading to increasing imports of oil; if successful and
commercially viable, Xtract's proposed processes will enable an additional
supply of crude oil for the Australian market. Xtract, in conjunction with
external consultants, has designed and intends to operate an experimental
programme to carry out extractions using representative oil shale samples and
assess the key risks inherent in the process.


Xtract's intellectual property and licensing strategy

The primary objective of Xtract is to develop a technology for the extraction of
oil from kerogen in oil shale which is capable of protection and licensing. The
intellectual property developed through this work will be owned by Xtract and
protected for future commercial licensing, on a world-wide basis.


Julia Creek exploration rights

It was announced on 19 October 2005 that Resmex had agreed to acquire certain
oil shale rights from Intermin Resources Limited ("Intermin"). These rights are
over 11 mining tenement areas (the "Resmex Tenements") in the Toolebuc area of
Queensland; the majority of the tenements are grouped together in the vicinity
of Julia Creek.


Access to oil shale is required for Xtract to bench test and commercially
develop Xtract Technology. The Resmex Tenements are expected to ensure the
availability of an initial resource for the commercial development of the Xtract
Technology. It is intended that access will be sought to other deposits beyond
Julia Creek once the programme has commenced.


The exploration rights assigned by Intermin to Resmex excluded an area over
which Xtract has a farm-in option (the "Exclusion Zone"); as a result of the
Acquisition, the option will not be exercised and the Exclusion Zone will, under
the terms of the Tenement Assignment, be incorporated into the Resmex Tenements.
Geological reports on the Resmex Tenements and on the Exclusion Zone are set out
in the Company's admission document dated 20 January 2006 (the "Admission
Document").


In the year ended 30 June 2005 Xtract made an operating loss of A$13,000 on
total income of A$24,000; net assets at 30 June 2005 were A$190,000.


Information on Resmex

Resmex was established in 2004 and its shares were admitted to trading on AIM at
the end of March 2005 after an initial placing to raise #0.8 million (before
expenses). Resmex's purpose at the time of admission was stated to be the making
of investments in the mining and minerals sector. Pursuant to this objective,
Resmex's initial investment was the acquisition of Sermines de Mexico S.A. de
C.V. which owns mineral exploration and development rights in three concessions
in the California-Sonora Gold Belt in Mexico. The concessions include historic
gold mines which have not been the subject of modern exploration.


In October 2005, Resmex raised an additional #2.0 million and announced that it
had agreed to acquire the Resmex Tenements from Intermin for a consideration
comprising A$50,000 and 30 million new ordinary shares. The Company announced at
the same time that it had agreed to pay A$1.0 million (#0.4 million) to acquire
21.6% of Xtract's issued ordinary shares and that, pursuant to underwriting
arrangements, it would invest up to a further A$2.3 million (#1.0 million)
increasing its holding to a maximum of 34.3% of Xtract's issued ordinary shares.
Resmex and Xtract subsequently agreed the terms of the Acquisition, pursuant to
which Xtract would become a wholly-owned subsidiary of Resmex.


Following completion of the Acquisition, the primary focus of the Company will
initially be the development of the Xtract Technology through Xtract.


Following the issue of the Company's ordinary shares to Intermin referred to
above and of the ordinary shares issued pursuant to the Acquisition, Resmex has
286,559,800 ordinary shares in issue. In addition the Company has in issue
warrants to subscribe for 134,088,500 new ordinary shares at a price of 1p per
share and 3,000,000 new ordinary shares at a price of 1.5p per share.


All matters required to be disclosed under Rule 17 of the AIM Rules for
Companies are set out in the Admission Document copies of which are available at
the offices of the Company's nominated adviser, Smith & Williamson Corporate
Finance Limited, 25 Moorgate, London EC2R 6AY.


Shares to be issued to professional adviser

As set out in the Admission Document, the Company intends to issue 250,000 new
ordinary shares to Smith & Williamson Corporate Finance Limited pursuant to its
engagement to provide services to Resmex in relation to admission to AIM.
Application will be made for the admission of these shares to trading on AIM and
this is expected to become effective on 3 March 2006.



Enquiries:


Resmex
Sue Wickerson 020 8466 0406
Director


Smith & Williamson
Azhic Basirov 020 7131 4000
David Jones 020 7131 4000





                      This information is provided by RNS
            The company news service from the London Stock Exchange

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