VANCOUVER, May 24, 2011 /CNW/ - NEMI Northern Energy & Mining Inc.
("NEMI" or the "Company" / TSX: NNE.A) announces that Anglo American
plc ("Anglo American") has indicated to NEMI that it will not proceed
with the proposed sale of Peace River Coal ("PRC"). Pursuant to a
letter agreement entered into last year (see NEMI news release dated
April 20, 2010), NEMI agreed to certain tag-along/drag-along provisions
in respect of any sale agreed to by Anglo American. The letter
agreement also precludes NEMI from accepting any third party offers for
its interest in PRC without Anglo American's consent. The letter
agreement expires on September 30, 2011.
PRC is held as to a 74.83% interest by Anglo American, 12.18% by NEMI,
and 12.99% by Hillsborough Resources Ltd.
SOURCE NEMI Northern Energy
For further information:
NEMI Northern Energy & Mining Inc.
(T) 604 684-1554
(T) 415 339-8825