LRS Latin Res

RNS Number:6766U
Lodore Resources Inc
25 November 2005


25 November 2005

                        Lodore Resources Inc. ("Lodore")
                                        
            RECOMMENDED OFFER BY LEWIS CHARLES SECURITIES LIMITED ON
                         BEHALF OF IB DAIWA CORPORATION
                            FOR LODORE RESOURCES INC.

                        COMPULSORY ACQUISITION OF SHARES

THE OFFER

On 3 November 2005, Lewis Charles Securities Limited made an offer (the "Offer")
on behalf of IB Daiwa for the entire issued share capital of Lodore which was
recommended by the Lodore Independent Directors.

On 23 November 2005, IB Daiwa declared the Offer unconditional in all respects.

As announced on 23 November 2005, holders of Lodore Shares that have not
accepted the Offer may do so until 1 pm on Thursday 8th December 2005 and the
Offer will close on this date (unless extended by IB Daiwa).

COMPULSORY ACQUISITION OF SHARES

As of 1 pm on 24 November 2005, IB Daiwa has informed Lodore that it has
received valid acceptances in respect of 641,386,291 Lodore Shares representing
96.2 per cent of the issued share capital of Lodore to which the Offer relates
and, accordingly, is now entitled and intends to compulsorily acquire the
remaining Lodore Shares pursuant to the provisions of section 88 of the
Companies Law (2004 Revision) of the Cayman Islands ("Section 88"). The
appropriate compulsory acquisition notices pursuant to Section 88 will be issued
on 3 March 2006.

Enquiries:

IB Daiwa Corporation +813 3284 9733
Seiki Takahashi / Keisuke Matsuno

Lodore +65 6324 0017
Robert Williams / Peter Kirkham

Lewis Charles Securities +44 (0)20 7065 1150
David Scott
Seymour Pierce +44 (0)20 7107 8000
Sarah Wharry

Terms defined in the Offer Document shall have the same meaning in this
announcement.

Lewis Charles Securities Limited, which is authorised and regulated in the
United Kingdom by the Financial Services Authority, is acting exclusively for IB
Daiwa and for no one else in connection with the Offer and will not be
responsible to any person other than IB Daiwa for providing the protections
afforded to customers of Lewis Charles Securities Limited, nor for providing
advice to any other person in relation to the Offer.

Seymour Pierce Limited, which is authorised and regulated in the United Kingdom
by the Financial Services Authority, is acting exclusively for Lodore and for no
one else in connection with the Offer and will not be responsible to any person
other than Lodore for providing the protections afforded to customers of Seymour
Pierce Limited, nor for providing advice to any other person in relation to the
Offer.

This announcement is not intended to and does not constitute, or form part of,
an offer or any solicitation of an offer or an invitation to purchase any
securities.







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

END
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