logo-loader
viewCelsius Resources Ltd

View Resources advances Kyrgyzstan coal acquisition, WA nickel exploration permit

au_coallump350_4ee02ca31c541.jpg

View Resources' (ASX: VRE) independent geologist Micromine Consulting has conducted additional coal sampling after making site visits to both the Bel-Alma and Sary-Mogol projects in Kyrgyzstan.

The company has also updated the status of a new nickel exploration licence in in the Eastern Goldfields of Western Australia.

On November 15 the company entered a binding Heads of Agreement to acquire 100% of the shares in Hong Kong-based Oshpur, which holds 90% interests in the Sary-Mogol and Bel-Alma projects.

Subject to shareholder approval, the deal will be funded through staged payments of US$2.6 million cash and the issue of 100 million shares and 500,000 performance shares in View.

A total of 10 samples were taken from the Bel-Alma project, which will be sent to ALS laboratories in Mongolia for analysis and a further four samples were taken from the Sary-Mogol project.

These samples add to the historical technical information that was already available to the company and Micromine will compile and review all of this data as part of its independent geological review.

Micromine will also be assessing the proximity of these projects to existing infrastructure and the implications for mining. Sealed roads run adjacent to both properties and link directly into China.

The acquisition is expected to be completed by 31 January 2012.

Status of new Nickel exploration licence

The company’s nickel exploration licence application E39/1641 located in the Eastern Goldfields has been recommended for grant and is currently progressing through the Native Title Process. The tenement is be expected to be granted in early 2012.

Quick facts: Celsius Resources Ltd

Price: 0.013 AUD

ASX:CLA
Market: ASX
Market Cap: $9.84 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Kromek Group 'well-positioned to report its highest ever full year revenues'

Kromek Group PLC's (LON:KMK) Dr Arnab Basu caught up with Proactive London's Andrew Scott to discuss their interims to October 2019. Revenues reached a record £5.3mln in the period - the rapid growth of the top line came as the County Durham-based firm got moving on the £100mln of...

10 hours, 22 minutes ago

2 min read