London Mining is pleased to announce that, further to its press release made on 22 August 2008, it has now entered into a conditional subscription agreement with Wits Basin Precious Minerals Inc ("Wits Basin") to become a joint venture partner for its iron ore projects in the People’s Republic of China ("PRC"). Under the subscription agreement it has agreed to subscribe USD 39.25 million for 50% of the shares in the joint venture company, China Global Mining Resources (BVI) Limited ("CGMR BVI"). It has also agreed to make a loan of USD 5.75 million to Wits Basin. The subscription and loan will be funded from London Mining's existing cash resources.
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