In response to the request, La Mancha has set up a special committee to solicit acquisition proposals and has appointed BMO Nesbitt Burns as its financial advisor and Fasken Martineau as its legal advisor.

La Mancha said several verbal expressions of interest had been received and BMO was in talks with a number of prospective acquirers.

The company has set up a data room for interested parties, but warned shareholders that there was no certainty a transaction would occur.

La Mancha owns a 51% stake in the Frog’s Leg mine in the Goldfields and a 100% stake in the nearby White Foil mine, as well as a 40% stake in the Hassan mine in Sudan and a 45.9% stake in the Ity mine in the Ivory Coast.

It picked up its producing assets in 2006 via a reverse takeover by Paris-based AREVA.

AREVA, through a subsidiary, holds a 63% stake in the company.

La Mancha shares have been on the rise this year in Toronto, starting January at $C2.73 and reaching a 52-week high of $4.03 earlier this month.

Shares in La Mancha closed 7.9% down to $3.26 overnight.