Peak Resources Limited - Ngualla Funding Update
18.07.2013 | ABN Newswire
13:16 AEST July 18, 2013 ABN Newswire (C) 2004-2013 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Peak Resources Limited (ASX:PEK) (OTCQX:PKRLY) wishes to advise the market that it has terminated negotiations with the potential cornerstone investor as per the company's announcement on 23rd April 2013.
This announcement outlined the Company's entry into a non-binding Memorandum of Understanding (MoU) with a prospective funding partner. Negotiations to complete a binding formal agreement over the past month have from Peaks perspective shown insufficient progress. The prospective partner has failed to meet previously agreed deadlines and as a consequence the Company has elected to terminate discussions as of today, 18th July 2013.
The Company continues to hold discussions with other potential cornerstone investors and further details will be released as they become available.
About Peak Resources Limited:
Listed on the Australian Stock Exchange (ASX:PEK) in November 2006 and based in Perth, Western Australia, Peak Resources Limited is developing the Ngualla Rare Earths Project in southern Tanzania. Peak also holds a number of gold projects comprising a mix of brownfield, greenfield and advanced exploration prospects in the highly prospective Lake Victoria Goldfields area of Tanzania.
Peak’s goal is to generate shareholder value through:
- Development of the exciting new high-grade, low uranium and thorium Ngualla Rare Earth discovery into production
- Exploring for niobium-tantalum and phosphate at Ngualla to generate a pipeline of additional commodities
- Discovery of new gold deposits within its large, highly prospective portfolio of exploration projects in Tanzania
- Aggressive new project acquisition programmes in East Africa
Peak’s head office is located in Perth, Western Australia with an exploration office in Mwanza, Tanzania.
Contact:
Peak Resources Limited
T: +61-8-9200-5360
F: +61-8-9226-3831
WWW: www.peakresources.com.au