Argent Minerals Ltd. Appendix 3B & The Issue of Shares to Owners of a Key Property within Kempfield Polymetallic Project Site
17.06.2014 | ABN Newswire
Perth, Australia (ABN Newswire) - The attached Appendix 3B relates to the issue of 901,904 fully paid ordinary shares in Argent Minerals Ltd. (ASX:ARD), (Argent, Argent Minerals or the Company), as part consideration under the binding option term sheet, to owners of a key property within the proposed Kempfield Polymetallic Project site.The option allows the Company to purchase the property known as Box Hill farm (comprising Lots 47 and 48 in DP753040 and Lot 63 in DP722301) on Colo Road in Kempfield, which adjoins land currently owned by Argent Minerals (see Figure 1 in link below).
Box Hill comprises approximately 424 hectares of predominantly agricultural land and includes substantial improvements which the Company plans to utilise as the mine manager's residence and a secondary site office.
The Option may be exercised at any time within two years from the Effective Date. The Company may extend the Option Period by a further twelve months on notice in writing to the Vendors at least 30 days prior to the expiry of the two year period.
Option fees comprise the following payments made by the Company:
- $20,000 payable within 5 business date of the Effective Date, which the Company paid on 17 June 2013; and
- $20,000 payable on each six month anniversary of the Effective Date in order to keep the Option open for a further six months during the Option period, subject to earlier termination of the Option.
In addition, the Company will issue to the Vendors or their nominee in writing $20,000 worth of quoted Argent Minerals ordinary shares, based on the five day volume weighted average price prior to the date of issue on each 12 month anniversary of the Effective Date until the Option is exercised or expires.
At any time prior to the exercise of the Option, the Purchaser may terminate the Term Sheet of the Option Agreement in its absolute discretion.
Managing Director David Busch said, "We are delighted to welcome the owners of Box Hill on board as new shareholders of Argent Minerals".
To view figure 1 and the Appendix 3B, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-ARD-681054.pdf
About Argent Minerals Limited:
Argent Minerals Ltd. is an Australian publicly listed company with a 100% interest in a silver/gold project at Kempfield NSW. Work is underway on the preparation of an EIS and a feasibility study for the first stage of the project which will involve heap leaching some 8.8 million tonnes of mainly oxide and transitional material to produce over 9.5 million ounces of silver and 15,000 ounces of gold over a 5 year mine life. Argent is also earning up to a 70% interest in two other NSW projects - gold at West Wyalong and base metals at Sunny Corner.
Contact:
Argent Minerals Ltd.
T: +61-2-9262-2211
F: +61-8-9322-6610
E: admin@argentminerals.com.au
www.argentminerals.com.au