viewCelsius Resources Ltd

View Resources advances Kyrgyzstan coal acquisition, WA nickel exploration permit


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: 0.021 AUD

Market: ASX
Market Cap: $16.38 m

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