Release: Indonesia Giant PT. Bayan Resources approves pakar transaction

(08 June 2011)--International coal producer Kangaroo Resources Limited (KRL) is pleased to report that shareholders in the leading Indonesian coal conglomerate PT Bayan Resources Tbk (?Bayan?) have voted overwhelmingly in favour of the proposed sale of the Pakar Coal Project to Kangaroo.

The shareholder approval, which was obtained at a General Meeting of shareholders held in Jakarta on Tuesday 07 June, clears one of the final remaining conditions required for Kangaroo to complete this company-transforming transaction.

The only remaining condition is approval by Kangaroo shareholders. Kangaroo is scheduled to hold its own General Meeting in Perth, Western Australia on 13 June 2011.

Under the transaction, KRL is acquiring the Pakar Project from Bayan in return for the issue of 2.305 billion new shares.

KRL Managing Director, Mark O?Keeffe, said: ?This is a great result which paves the way for Kangaroo to approve the Pakar acquisition at its own General Meeting, to be held next week, and to complete this transformational transaction?.

?The acquisition of Pakar and establishment of a strategic and operational alliance with Bayan Resources represent company-changing events for Kangaroo,? he added. ?We have no doubt that the Company is on the verge of moving into a new era as a leading mid-tier mining company.? (end of release)