🕐24.04.12 - 06:27 Uhr

HODGES RESOURCES [ASX: HDG] - HODGES RESOURCE RELEASES MARCH QUARTERLY ACTIVITIES REPORT





Fortbridge Media Release

Hodges Resources [ASX: HDG] - Hodges Resource releases March quarterly activities report

Hodges Resources (ASX:HDG)has reported that at the end of the March Quarter 2012 the company had cash reserves of approximately $2.7 million with a further $3.7 million in receivables (under terms and conditions of commercial agreements in relation to the Botswana and Ghana projects).

Highlights:

* Initial wash test confirms shallow export quality coal seams at Morupule South.
* Reconnaissance drilling at Morupule South complete.
* Aero magnetic survey flown over Morupule South.
* Maiden resource at Moiyabana and resource upgrade at Morupule South, expected to be completed next quarter.
* Cash reserves of $2.7 million at end of March quarter

Hodges� current market capital is $20.3 million.

During the quarter, the Company continued to promote to a range of equity and strategic investors. Mr Major delivered presentations regarding the Company to numerous Australian Investors. Additionally, the Company also participated in various major mining and coal conferences such as INDABA, Coaltrans India and Mines and Money Hong Kong. These events were successful in promoting the Company to the broader market place, including to industrial groups out of India, China and elsewhere in Asia, and also to African government representatives. Interest in the wider Botswana coal sector continued to increase during the quarter, with a number of corporate transactions and key announcements from other coal companies in the region all contributing to building the case for an emerging coal industry of regional significance in the country.

Please see more on the attached announcement.

For further information, please contact:

Mark Major
Managing Director
+618 9322 6412

For media enquires:

Fortbridge
+612 9003 0477
Luke Dean
+61 414 535 433








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