Completion of First Stage of Asset Disposals to Syrah
(Thomson Reuters ONE) -
African Eagle Resources plc
("African Eagle" or the "Company")
African Eagle Announces Completion of the First Stage of Asset Disposals to
Syrah Resources Limited
African Eagle (AIM: AFE; AltX: AEA) is pleased to announce that, in accordance
with an agreement dated 25(th) October 2011 (the "Agreement"), it has completed
the first stage of an asset disposal programme to Syrah Resources Limited
(Syrah), an Australian minerals resource company listed on the ASX (ASX: SYR),
and has realised proceeds of A$695,120 (approx. £470,000). The Company
anticipates that the disposal of the remainder of the assets to Syrah will be
completed later in the year. The proceeds will contribute to funding for the
development of the Company's flagship Dutwa nickel project in Tanzania.
The Agreement pertains to the disposal of eight licenses, two in Mozambique,
five in Tanzania and one in Zambia.
The Company has completed the disposal of Twigg Exploration & Mining Ltda., its
Mozambique subsidiary, which holds the Balama Graphite and Sena Uranium
prospecting licences. As a result consideration of A$325,120 (approx. £220,000)
has been paid to the Company.
In Tanzania, Syrah has made a down payment of A$100,000 to cover the submission
of applications to transfer all of the five licences. Of these, the Company's
three Wembere prospecting licenses have now been transferred to Syrah, resulting
in a further payment of A$270,000. Total proceeds for the disposal of assets in
Tanzania to date amounts to A$370,000 (approx. £250,000). For the two remaining
Tanzanian licenses, Tanga and Shikula licences, Syrah will pay the Company
A$90,000 on the completion of the transfer of each (total A$180,000 (approx.
£120,000)). The Company anticipates that both these transfers will be completed
later in 2012.
The final licence is African Eagle's Sasare North licence in Zambia, which
expires in July 2012. If on or after expiry Syrah applies for a new licence over
all or part of its area, Syrah will pay the Company A$25,000 on submission of
the application and a further A$50,000 if the application is successful.
Trevor Moss, CEO, commented: "The early completion of the major part of this
transaction reinforces our efforts to focus our full attention on the
development of the Dutwa nickel project and we appreciate the efforts of Syrah
in its timely completion. The funds realised are significant and will be
employed to partially fund the Dutwa bankable feasibility study."
About African Eagle
African Eagle Resources Plc is a junior mining developer and explorer. The
Company's flagship project is the Dutwa Nickel project, located about 25
kilometres south of Lake Victoria and 110 kilometres east of Tanzania's second
city, Mwanza, within the greenstone gold belts which host many of Tanzania's
operating and developing mines. The Company is quoted on the AIM market of the
London Stock Exchange (AIM: AFE) and on Johannesburg's AltX (AltX: AEA).
Technical terms
A glossary of technical terms used by African Eagle in this announcement and
other published material may be found at www.africaneagle.co.uk/african-eagle-
projects-glossary.html
For further information:
Please see the Company's web site at www.africaneagle.co.uk or contact one of
the following:
African Eagle Resources plc
Trevor A. Moss (CEO)
Yasumi Toyoda (Investor Relations)
+44 20 7248 6059
Canaccord Genuity Limited
Rob Collins
Andrew Chubb
+ 44 207 050 6500
Ocean Equities Limited
Guy Wilkes
+44 20 7786 4370
Russell & Associates, Johannesburg
Charmane Russell
Marion Brower
+27 11 8803924
+27 82 8928052
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: African Eagle Resources PLC via Thomson Reuters ONE
[HUG#1588388]
Unternehmensinformation / Kurzprofil:
Datum: 23.02.2012 - 08:01 Uhr
Sprache: Deutsch
News-ID 117685
Anzahl Zeichen: 4894
contact information:
Town:
London,
Kategorie:
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"Completion of First Stage of Asset Disposals to Syrah"
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