Extension to bridging Loan

    RNS Number : 8817F
  Van Dieman Mines plc
  15 October 2008
   

    
    15 October 2008
    VAN DIEMAN MINES PLC (the "Company")

    Extension to Bridging Loan

    Van Dieman Mines Plc, (AIM:VDM), the AIM listed mining company with an alluvial tin and sapphire mine in Tasmania announces that it has
secured an extension to its short term bridging loan from Galena Special Situations Master Fund Limited ("Galena"), as announced on 26
August 2008 (the "Bridging Loan"). This follows a site visit by the full VDM board, including the recently appointed Galena nominees, Bill
Wise and Harry Stacpoole.

    The extension is for an additional A$250,000 and has been granted  on the same terms as the initial Bridging Loan.

    As previously announced, it is anticipated that the Bridging Loan and the further A$250,000 will be repaid out of the proceeds of a
private placement that the Company has announced it intends to undertake before 31 December 2008.

    Related Party Transaction
    Galena is currently directly or indirectly interested in 18,455,000 Ordinary Shares in the Company representing an interest of 11.97 per
cent in the total voting rights of the Company. Galena is therefore a substantial shareholder of the Company and considered to be a related
party as defined under the AIM Rules for Companies (the "AIM Rules"). The grant of the extension to the bridging loan is classified as a
related party transaction for the purposes of the AIM Rules. Accordingly, the Directors consider, having consulted with Grant Thornton UK
LLP, in their capacity as the Company's nominated adviser, that the extension of the Bridging Loan is fair and reasonable insofar as the
shareholders of the Company are concerned.

    Enquiries

 VAN DIEMAN MINES PLC
 Mike Etheridge, Chairman            Tel: +61 (0) 4 0870 8778
 Ron Goodman, CEO and Managing       Tel: +61 (0) 4 0808 3914
 Director
 GRANT THORNTON UK LLP
 Gerry Beaney / Fiona Owen           Tel: +44 (0) 20 7383 5100
 FOX DAVIES CAPITAL LIMITED
 Richard Hail, Corporate Finance     Tel: +44 (0) 20 7936 5230



This information is provided by RNS
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