OREANDA-NEWS. October 1, 2009. Following the announcements made by the Company on 01 July 2009, 20 July 2009 and 1 September 2009 in which the Board of Directors of XXIC reported on   ongoing negotiations with local banks regarding the restructuring of the Company's secured credit facilities, the Company is disappointed to announce that negotiations are still ongoing and, consequently, there will be a further   delay in the publication of the Company’s audited financial statements for the year ended 31 December 2008.  

Whilst the main principles of the restructuring agreement have been reached, detailed binding documentation has yet to be finalized.   The Company expects to execute such documentation with the banks relatively shortly and, accordingly, it should enable the Company's auditors to conclude their review and issue their opinion on the accounts for the year ending 31 December 2008.

Under the circumstances, the interim financial statements for the six months ended 30 June 2009 also remain subject to delay, pending publication of the annual accounts and, as a result, the Company’s shares will remain temporarily suspended for trading on AIM.

The Company will provide further updates in due course.