Keras Resources PLC Further Consolidation of Warrawoona Gold Project (5381M)
July 31 2017 - 2:01AM
UK Regulatory
TIDMKRS
RNS Number : 5381M
Keras Resources PLC
31 July 2017
Keras Resources plc / Index: AIM / Epic: KRS / Sector:
Mining
31 July 2017
Keras Resources plc ('Keras')
Further Consolidation of Warrawoona Gold Project and Release of
Quarterly Report
Keras Resources plc, the AIM listed mineral resource company, is
pleased that Calidus Resources Limited ('Calidus'), in which Keras
holds a 31% interest, has announced further consolidation of the
Warrawoona Gold Project located in the Pilbara of Western Australia
in line with its strategy to expand its land position to control
the entire greenstone belt and maximise gold resources for
potential development in the near term.
Calidus has acquired a 50% interest in exploration licences
E45/4555 and E45/4843 located in the Warrawoona Gold Belt under the
terms of the Epminex Agreement previously disclosed in the Calidus
Resources Ltd Prospectus dated 8 May 2017.
This acquisition increases Calidus' ground position along strike
of existing tenements on the known shear zones that host the
current Klondyke Mineral Resource. The tenements contain numerous
high-grade historic gold mines.
Consideration for the acquisition is $18,000 and the issue of
30,000 shares Calidus shares to Epminex. Calidus retains an option
to purchase the remaining 50% of these tenements. After the issue
of the shares, Keras will still hold 31% of the issued capital of
Calidus and 525m[1] Performance Shares.
Managing Director, Dave Reeves commented, "The Epminex tenements
add a number of exciting brownfields exploration targets to
Calidus' portfolio.
"No modern exploration has been undertaken on the Epminex
tenements to date, but the outcropping nature of mineralisation in
the region lends itself to rapid evaluation of the potential of
this area.
"The exercise of the option on these tenements is a clear
demonstration of our strategy of controlling the entire greenstone
belt to maximise gold resources for a potential development in the
near term."
Epminex Agreement
Under the terms of the agreement with Epminex, on granting of
each individual tenement application, Calidus will pay $2,000 and
issue 10,000 shares per graticular block. Calidus may purchase the
remaining 50% anytime in the following two years by paying a
further $5,000 and issuing 20,000 shares per graticular block. The
two recently granted licences total nine graticular blocks
resulting in a total cash payment of $18,000 and issuance of 45,000
shares, 15,000 of which were issued previously. There is now only
one Epminex tenement application (E45/4556) outstanding that covers
the majority of the Marble Bar goldfield that produced 170,000oz of
gold from 196,500t of ore processed.
To view a full version of the Calidus announcement, which
includes figures and maps, please click here:
https://www.investi.com.au/api/announcements/cai/71e52ee4-87d.pdf.
Quarterly Report
Calidus Resources has also release its Quarterly Activities
Report which can be found here:
https://www.investi.com.au/api/announcements/cai/b4c14557-b95.pdf.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
**ENDS**
For further information please visit www.kerasplc.com, follow us
on Twitter @kerasplc or contact the following:
Dave Reeves Keras Resources plc dave@kerasplc.com
Nominated Adviser
Gerry Beaney/David Hignell Northland Capital Partners Limited +44 (0) 20 3861 6625
Broker
Damon Heath/Erik Woolgar Shard Capital Partners LLP +44 (0) 20 7186 9952
Tom Curran/Ben Tadd SVS Securities Plc +44 (0) 203 700 0093
Financial PR
Susie Geliher/Charlotte Page St Brides Partners Limited +44 (0) 20 7236 1177
[1] Keras will pay a fee of 3.5% of the 525m shares as per the
Notice of Meeting April 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
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