🕐22.10.10 - 02:54 Uhr
Ram Resources - Ram Completes Acquisition of Initial Interest in Motzfeldt
Ram Resources Limited
ASX Announcement
22 October 2010
RAM COMPLETES ACQUISITION OF INITIAL INTEREST IN MOTZFELDT PROJECT
Highlights
Ram finalises its acquisition of the initial 51% of Greenland Resources
Limited ("GRL") and, as a result, acquires 51% of the Motzfeldt Project.
Ram has also appointed a majority of directors to the Board of GRL and now
also has management control of GRL.
The Company has exercised its option to acquire the next 14% interest in
GRL.
Further to its previous announcements, and shareholder approval at the
Companys general meeting held on 24 August 2010, Ram Resources Limited
(ASX: RMR) ("Ram" or "the Company") is pleased to announce that the first
stage of its acquisition of Greenland Resources Ltd ("GRL"), the UK Company
which holds the Motzfeldt Ta-Nb-REE project located in Southern Greenland
("Motzfeldt Project"), has been completed.
Pursuant to the terms of the Share Sale and Purchase Agreement, details of
which were announced on 4 October 2010, Ram has acquired 51% of the capital
of GRL ("Initial Interest") by today issuing to the Vendor 150,000,000
fully paid ordinary shares at a deemed issue price of 3 cents each,
together with 150,000,000 listed options, in the same class as the existing
RMRO options, exercisable at 3 cents each, expiring 30 March 2012.
The shares and options issued as consideration for the Initial Interest are
subject to an escrow period of 12 months from date of issue.
Additionally,
if any further shares or options are issued (including upon exercise of an
option) under the Share Sale and Purchase Agreement in the next 12 months,
they will be issued subject to escrow for the balance of the 12 month
period.
An Appendix 3B will follow.
Following todays issue, Ram has 541,836,509
fully paid ordinary shares on issue and 358,437,103 listed options,
exercisable at 3 cents on or before 30 March 2012, together with 28,000,000
unlisted options in various classes.
Immediately following completion of the acquisition of the 51% Initial
Interest, the Company provided the Vendor with a notice to exercise its
option to acquire the Second Interest, being a further 14% (for a total of
65%) of the issued capital of GRL, on the terms previously announced by the
Company.
Please click here for the full announcement:
http://www.stocknessmonster.com/news-item?S=RMR&E=ASX&N=510832
For further information please contact:
Mike Drew
Managing Director
+61 417 969 995
David Tasker / James Harris
Professional Public Relations
+618 9388 0944
About the Motzfeldt Project (Ta, Nb, REE)
The Motzfeldt Multi Element Project is located in Southern Greenland, close
to the transport hub of Narsarsuaq, which lies approximately 24 km to the
west.
The prospectively of the Motzfeldt area was first investigated by the
Greenland-Danish Geological Survey ("GEUS") who carried out several
geophysical and surface sampling programs in the early part of the 1980s.
In 1987, GUES estimated a mineralised zone of 500 million tonnes at
Motzfeldt, with average grades of between 1,320 and 1,480 ppm Nb and
110-130 ppm Ta.
Within the larger mineralised zone, areas of higher grade
were million identified and designated them as priority targets.
Based on the exploration targets indentified, the Motzfeldt Project has the
potential to become a world-class bulk tonnage Tantalum-Niobium-Rare Earths
Deposit.
The project area hosts a number of targets of which the Aries
Prospect is currently the most advanced.
The mineralised zone at Aries is
thought to be approximately 1500m long, 300m wide and 400m deep.
This area
has partially been tested by drilling, with 12 diamond holes for 2,123m
being completed in a zone of higher grade mineralisation identified from
surface sampling.
The target areas discussed herein are considered to be Exploration Targets
according to JORC as the potential quantity and grade is conceptual in
nature, there has been insufficient exploration and is currently
insufficient information to define a Mineral Resource, and it is uncertain
if further exploration will result in the determination of a Mineral
Resource.
Competent Person
The information in this announcement relating to exploration results with
respect to the Motzfeldt Project is based on information reviewed by Martin
Pittuck of SRK Consulting Ltd who is a Member of the Institute of
Materials, Minerals and Mining.
Mr Pittuck has sufficient relevant
exploration and resource estimation experience in the style of
mineralisation and type of deposit under consideration to qualify as a
Competent Person as defined in the 2004 Edition of the Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserves.
Mr Pittuck consents to the form, presentation and context of exploration
results and supporting information in this report.
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