OREANDA-NEWS. October 31, 2011. Eurasian Natural Resources Corporation PLC ('ENRC' or, together with its subsidiaries, the 'Group'), today announces that the Directors of the Company have unanimously approved the exercise of ENRC's rights under a Call Option to acquire the outstanding shares in Shubarkol and therefore, subject to the approval of Independent ENRC Shareholders, ENRC proposes to acquire up to 2,638,103 common shares in Shubarkol from Eurasian Industrial Company JSC ('EIC') for an aggregate purchase price of up to USD 600 million (payable in an equivalent amount of Kazakhstan Tenge) plus assumed debt of approximately USD 50 million, reported the press-centre of KASE.

The Acquisition will be effected through the Kazakhstan Stock Exchange by way of an Open Trade involving what is, in effect, an auction held on the stock exchange under applicable Kazakhstan Stock Exchange regulations.