Greenwich Resources has become Scarborough Minerals, and now trades on the main board of the LSE with an epic of SCRB.

SCRB is the amalgamation of three companies, Buka Minerals, Danae Securites, both of the ASX, and of course Greenwich Resources, see details below.




Robert Champion de Crespigny is relocating to the UK from Australia, and will head the new company.



Greenwich Resources PLC
18 April 2006

Greenwich Resources plc
18 April 2006


NOT FOR RELEASE OR DISTRIBUTION IN OR INTO THE USA, CANADA OR JAPAN

FOR IMMEDIATE RELEASE 18 April 2006


GREENWICH RESOURCES PLC ('Greenwich' or the 'Company')

OFFERS UNCONDITIONAL

1. Offers for Buka Minerals Limited ('Buka') and Danae Resources NL ('Danae')
(the 'Offers') declared unconditional

On 7 April 2006, Greenwich announced that the Offers were unconditional as to
acceptances (i.e. free from all defeating conditions) and that the Offers would
remain subject only to the Australian Stock Exchange (ASX) granting permission
for quotation of the New Ordinary Shares issued as consideration under the
Offers, and to Admission of those shares in the UK. On 13 April 2006, Greenwich
announced an extension of the Offers to 28 April 2006.

Following receipt of conditional permission for quotation from ASX and the grant
of the Company's application for Admission in the UK, the Board is pleased to
announce that the Offers are unconditional. The Directors and Proposed
Directors expect Admission in the UK to become effective and dealings commence
at 8.00 a.m. on 19 April 2006, and admission to the official list of ASX of
Greenwich's ordinary shares and their quotation to occur shortly after the close
of the offers for Buka and Danae, which are currently scheduled to close at 7.00
p.m. on 28 April 2006.

2. Detailed level of acceptances

As at 5.00 p.m. on 18 April 2006 (Sydney time), the level of acceptances for
each of the Offers was as follows:

Buka ordinary shares 90.4 per cent.
Danae ordinary shares 86.4 per cent.
Buka options 100 per cent.
Danae Class A preference shares 100 per cent.
Danae Class B preference shares 100 per cent.
Danae options 100 per cent.

3. Consideration

Allotment of the Greenwich securities due under the Offers to holders of Buka
and Danae securities who have validly accepted the Offers on or before 18 April
2006 (Sydney time), together with holding statements and certificates where
applicable, will be despatched by first class post on or before 28 April 2006.

Thereafter, Greenwich securities will be allotted and holding statements and
certificates will be dispatched where applicable to holders of Buka and Danae
securities who validly accept the Offers by the earlier of 1 month after receipt
of acceptance and 21 days after the end of the Offer period.

The number of new Greenwich securities to be issued on the basis of the
acceptances received to date is 52,415,758 new ordinary shares and 3,601,069
convertible redeemable preference shares.

4. To accept the Offers

Holders of Buka and Danae securities who have not yet accepted the Offers are
urged to complete, sign and return the Acceptance Form accompanying the copy of
the Bidder's Statement sent to them in accordance with the instructions set out
in the Bidders Statement and in the Acceptance Form so as to be received as soon
as possible. The Offer is currently scheduled to close at 7.00 p.m. (Sydney
time) on 28 April 2006.

5. Placing and Open Offer

Further to the announcement of the results of the Company's related Placing and
Open Offer on 5 April 2006, the Placing and Open Offer will now become
unconditional and complete upon Admission in the UK, expected to be on 19 April
as set out above. Qualifying CREST Shareholders' CREST stock accounts are
expected to be credited with the relevant Placing and Open Offer Shares on 19
April 2006 and share certificates are expected to be despatched to Qualifying
non-CREST Shareholders by 28 April 2006.

6. Conversion of Loan Stock

As explained in the Prospectus, Danae has given notice to the Company to convert
�1,850,194.81 of the Loan Stock into 154,182,900 ordinary shares of 1p each in
the Company at a conversion price of 1.2p per share (5,139,430 post
consolidation). This conversion will now take place conditional upon, but with
effect immediately prior to, Admission.

7. Convertible Loans

As the Placing and Open Offer will raise more than �15 million, the Company will
not now draw down on the Convertible Loans, details of which are set out in the
Prospectus and Supplementary Bidder's Statement issued by Greenwich.

8. ASX quotation

Further to the announcement made on 28 February 2006, Greenwich has made an
application for secondary quotation of its New Ordinary Shares issued as
consideration under the Offers on the financial market operated by ASX. It is
expected that admission to the official list of ASX and quotation will become
effective shortly after the close of the offers for Buka and Danae.

9. Record date for share consolidation

The record date is today, 18 April 2006, for the purposes of the consolidation
of the Ordinary Shares of 1p and the Convertible Redeemable Preference Shares of
1p into Ordinary Shares of 30p and Convertible Redeemable Preference Shares of
30p respectively, in each case on a 1 for 30 basis. Details of the share
consolidation are set out in the Prospectus.

10. Rights and number of New Ordinary Shares

The New Ordinary Shares will rank pari passu in all respects with the Existing
Ordinary Shares and, following Completion of the Merger and the related Placing
and Open Offer, it is anticipated that Greenwich will have 109,265,306*
consolidated Ordinary Shares of 30p each in issue (of which 9,223,244 will be
held by the Company's subsidiary Danae, and therefore, in accordance UK law,
will not carry any voting rights for so long as Danae holds them).

*Approximate figure due to fractions and assuming conversion of the Loan Stock,
acceptance in full of the Offers and exercise in full of the Greenwich Class A
Options, but excluding any Ordinary Shares arising on the exercise of any other
options, conversion of the Convertible Preference Shares and conversion of the
Convertible Loans (as set out in the Prospectus)

11. Appointment of new directors

As set out in the announcement made on 28 February 2006, the Company is pleased
to confirm the appointments of a new executive chairman, Robert Champion de
Crespigny, and three new directors, John Richards, Mark Carnegie and Robert
McDonald, all such appointments to be effective from Completion of the Merger.

John Bovard, Don Lewis and Stephen Phipps will remain on the Board. Peter
Bridges, John Corcoran and Paul Mihalop will step down on Completion of the
Merger.

12. Name change

Following shareholder approval at the EGM of the Company held on 27 March 2006,
the name of the Company will be changed to Scarborough Minerals plc.

The Company's ticker code will change to SCRB and the ISIN number for the
consolidated 30p Ordinary Shares is GB00B10D2N29.

The Company's ticker code on ASX will be SRB.

Unless the context otherwise requires, definitions in this announcement shall
bear the same meaning as those in the Prospectus dated 28 February 2006 and
Bidder's Statement dated 1 March 2006.

For further information, please contact:

Peter Bridges, Managing Director Tel: 01684 892 550
Greenwich Resources plc

Michael Nutt Tel: 07748 186 624
Buka Minerals Limited

Don Lewis, Managing Director Tel: +61 8 9483 0866
Danae Resources NL

Andrew Smith/Martin Eales Tel: 020 7523 8350
Collins Stewart Limited

Paul Quade/Keith Lewis Tel: 020 7248 8010
CityRoad Communications


This announcement has been approved for the purposes of Section 21 of the
Financial Services and Markets Act 2000 by Collins Stewart Limited.

Collins Stewart Limited, which is authorised and regulated in the United Kingdom
by the Financial Services Authority, is acting exclusively for Greenwich
Resources plc in connection with the proposed merger and is neither advising nor
treating as a client any other person and will not be responsible to anyone
other than Greenwich Resources plc for providing the protections afforded to
clients of Collins Stewart Limited nor for providing advice in relation to the
proposed merger.






Scarborough Minerals Corporate Website : http://www.scrbmin.com/


Scarborough Minerals June 2006 shareholder report Click HERE


Scarborough Minerals roadshow presentation.

Rise today due to Frequent Trader buying after a big buy by a director.

0ilman,

thanks, I was wondering why the price has been rising.

Robbie Burns - the "naked trader" has bought in, which should give SCRB some coverage now.


Source - Click HERE



However I thought I should get a bit of exposure to the small company mining/minerals area but it's always been difficult as all the companies are AIM listed and I put everything into Isa's to avoid tax.

But a large director buy - he bought a massive 280,000 shares - drew my attention to Scarborough Mineral (SCRB) - a fully listed company that was launched in April this year by the merger of three companies and a 22million share offering taken up by 20 institutions.

It invests in various mining companies and has a shareholding in Desire Petroleum. It was floated at around 80p in April and has had a torrid time since then heading south to below 50p.

But it is bouncing very strongly and the bounce could easily take it back to the float price. Certainly a director buying what is a huge amount for what is a smallish share makes me feel confident.

So though risky I bought 12,000 shares at 56.85p. Target 75, stop 47. They have gone one point higher since I bought already and it looks like some pretty decent buying is following the director's lead. There's no reason not to hold the odd risky one inside an ISA as long as it's not for too much I think.

andy
robbie burns bailed out today at a loss
best regards

o1lman,

Ok thanks, he trades short term, so I guess he can see other opportunities.

I bought SCRB for the quality and experience of the maagement team, and I don't think they will achieve anything quickly, this will be a long haul stock IMO.

I am going to top up a few more into my ISA.

The recent director buy was what alerted Robbie Burns, i'm sure the director bought for a reason.

At last some more positive news!

Red



Scarborough Minerals PLC
03 November 2006



RNS / ASX ANNOUNCEMENT


SCARBOROUGH MINERALS plc

('Scarborough' or the 'Company')



SAPPES GOLD PROJECT - PROGRESS IN PERMITTING


3 November 2006


Highlights

Sappes gold project enters streamlined permitting process.

Planned production of 100,000 ounces per annum.


Greek Court Decision

The Supreme Administrative Court has announced its decision on an appeal
relating to the Greek Environment Ministry's approval of the pre-approval study
for Scarborough's wholly owned gold project at Sappes in north-eastern Greece.
The background to this appeal was described in the Prospectus issued by
Scarborough (then Greenwich Resources plc) on 28 February 2006. The Court
upheld the appeal on procedural grounds.

The decision, which had been anticipated, means that the project now enters a
streamlined process created by Greek legislation and decisions in 2002 and 2003.
A key advantage is that, under the new legislation, the process for approval
of an Environmental Impact Study ('EIS') has been streamlined into a single
stage which, unlike the old process, does not allow appeals in interim phases.

This new process is believed to be much less prone to the types of delays
experienced in the past and is currently being followed for two other Greek
mining projects, both of which report favourable progress, and was followed for
the Stratoni zinc mine, which is now in operation.

In anticipation of this decision, Scarborough has been preparing an updated EIS
which will be lodged with the Environment Ministry in due course. The EIS
requires approval by the Environment Ministry and then by a Joint Ministerial
Decision of five ministries including the Environment and Development
Ministries. Once approval is received, Scarborough will then apply for the
relevant operating and construction permits.

Scarborough will work closely with the Greek authorities and other interested
parties as part of this new process. Scarborough is determined to that ensure
it gains the support of the Sappes, Rhodopi and Thrace communities for the
development of Sappes and has initiated a programme of community consultation.

About the Sappes Project

The Sappes gold project is based on the development of a shallow underground
gold mine on the high-grade Viper orebody and a small open pit on the
near-surface St Demetrios orebody. Planned production at the mine, subject to
the completion of the permitting process, is at the rate of approximately
100,000 ounces of gold per annum (in dore and a copper concentrate), for an
initial 4 - 5 year life.

As reported in the Company's prospectus dated 28 February 2006, reserves and
resources, which comply with the 2004 JORC Code, are summarised below.

Mineral Resource Estimate
Classification Tonnes Au Grade Cu Grade Ag Grade
('000) (g/t) (%) (g/t)
Viper
Measured 711 22.2 0.41 11.5
Indicated 278 19.5 0.35 9.0
St Demetrios
Measured 730 3.5 - 3.2
Indicated 46 2.6 - 2.8
Scarp
Measured 818 2.2 - 1.5
Indicated 48 1.7 - 1.1
Total 2,631 9.8 0.29 5.5

Ore Reserve Estimate
Classification Tonnes Au Grade Cu Grade Ag Grade
('000) (g/t) (%) (g/t)
Viper
Probable 801 21.5 0.36 9.9
St Demetrios
Proved 239 3.5 - 5.2
Probable 25 3.6 - 4.4
Total 264 3.5 - 5.1
Grand Total 1,065 17.0 0.27 8.7


About Scarborough

Scarborough is a resource investment and finance company, listed on the main
market of the London Stock Exchange (LSE: SCRB) and on the Australian Stock
Exchange (ASX: SRB). It holds direct interests in mining projects, including
Sappes, the Lady Loretta zinc project in Queensland, Australia and the Vostok
copper project in Kazakhstan and indirect interests in resource companies
including Mineral Securities Limited, Iluka Resources Limited and Buka Gold
Limited. Scarborough had cash reserves at 30 September 2006 of approximately
21.2 million (A$53.2 million), excluding cash held in listed subsidiaries of
2.6 million (A$6.6 million).


For further information, please contact:

Robert J. Champion de Crespigny AC U.K.: +44 20 7152 6230
Chairman Aust: +61 2 9264 5515


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

yeah.... think that their overall story will unfold very very nicely..... have been dipping my toes in on a regular basis - so now i am actually wet.... but might even saturate myself with these..... cos you look at the calibre of the board, and what de Crespigny has done before; you then realise that current sp may be a bargain basement offer.....

they currently have a decent amount of cash...about 23M.
if Lady Loretta gets going - say by mid-2008 (which would be possible, when you consider that it would just be integrated with exisiting stuff that Xstrata has), it may generate for SCRB anything from about 10M to 26M cash per yr (for about 10 years ?)
once they get Sappes going, it will generate something similar.....
so in about 2 to 3 years, they will have about 20M + cashflow per year for at least about 5 yrs..... which will equate to an sp on the other side of 1GBP - and depending on the commodity prices reflecting today's or higher - it may be closer to 2 to 3GBP.
and what do you think that they will do with all the cash ??
go shopping !!!! - take large stakes in companies that have 15 to 20yr+ production potential. they will get in at a stage that the small to medium sized company needs finance; so its sp will be at a low to medium level, and then when they finance it; and it begins production in a yr or 2, its sp will be @ 3 to 5 times the level that SCRB got in at...... so the value simply keeps increasing....

and they already have the platform for that..... just look at the projects of the companies that Mineral Securities have stakes in....which SCRB has 18% of......
lots and lots of exciting times ahead with this mob..... can feel it in my bones !!

DELETED - cos posted twice - accidentally

belisec6,

Yes SCRB are one for the future IMO, but not the near future, it will take time for the initial projects to generate the funds for the next generation of projects, like RDC did with his previous mining company in Australia.

That took 17 years to realise the full potential, but he made quite a bit for his investors along the way.

she's fallen down quite a bit.....

shame i have no cash to buy, buy, buy.....

hahaha....

it seems that the drop was simply for the 250k marketmaker to marketmaker transfer.... haha - talk about manipulated markets !!!

it seems to have been held down to about 40p on extremely low volume (~100k shares over past couple of days).... and then the 250k went thru.... after which the sp has gone up a bit..... so i imagine that the sell prices will be put back up to the 45p mark now.....haha

and thru goes another ~550k at between 41 to 42p....

belisce6,

Yes what a wonderfully dishonest system we have to work with in the UK!

(almost) fantastic news today - Mineral Securities has some rather massive projects which will fire on all cylinders......

in about 3 to 5 years, once they have all the combined projects going, they WILL be a major resource house..... and let's face it - they will probably be the company that finances, and in the process, takes over those companies as well...

Update.

Click HERE

this one is holding rather firmly on its new level.....

i think that once the merger is out of the way, then we will get a few reports of the subsidiaries/holdings/projects etc.... which will really put it on people's watchlists....

Update, click HERE

Scarborough have morphed into Minsec (MXX)

Here is the latest news release and analysis,

click HERE

At yesterday's price of 46 pence these appear to be trading at a discount of over 50% to the stated NAV in the annual report.

I agree, these will be a strong buy at some point IMO, they look to have been oversold in the current negative resource environment.

I'm holding onto my resource stocks, I don't think international demand is falling, so a bounce should come along when the greater market realises this.

Small cap miners are being sold off, surely this cannot continue?