RMB Resources Ltd. Completes Acquisition of Significant Interest in Sutter Gold Mining Inc.

Press Release

RMB Resources Ltd. Completes Acquisition of Significant Interest in Sutter Gold Mining Inc.
Thursday August 21, 6:22 pm ET

SYDNEY, Australia, Aug. 22 /CNW/ - RMB Resources Ltd. (as trustee for the Telluride Investment Trust) ("RMB"), today announced that it has completed its previously announced purchase, by way of a private agreement, of an aggregate of 39,062,072 common shares (the "Purchased Shares") of Sutter Gold Mining Inc. (TSX-V:SGM - News; "SGMI") from U.S. Energy Corp. ("U.S. Energy") for $0.1384 per share for an aggregate purchase price of approximately Cdn.$5.4 million (the "Acquisition"). The Purchased Shares represent approximately 49.9% of the outstanding common shares of SGMI.

In order to maintain its proportionate interest in SGMI, RMB also subscribed for 12,769,400 units of SGMI, under a private placement, for an aggregate purchase price of Cdn.$1,404,634. The total number of units issued by SGMI to various subscribers (including RMB) under the private placement was 25,589,980 units at $0.11 per unit for aggregate proceeds of $2,814,899. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one additional common share in the capital of SGMI for a period of 24 months following the closing of the private placement at a price of Cdn.$0.15 per share. The closing of the private placement is subject to the final approval of the TSX Venture Exchange.

RMB has made the Acquisition and has subscribed under the private placement for investment purposes and reserves the right, depending on the circumstances including market conditions, to make further purchases, or disposals, of common shares of SGMI in the future.

About RMB

RMB is a wholly-owned unit of the Rand Merchant Bank division of FirstRand Bank. The registered office of RMB is Level 13, 60 Castlereagh Street, Sydney, NSW, Australia.

For further information

or copies of the report filed in connection with this news release with the various securities commissions, please contact: RMB Resources Ltd., Attention: Michael Schonfeld, Telephone: +61 3 8624 1818


Source: RMB Resources Ltd.