Archer Exploration Limited Settlement of Leigh Creek Magnesite Dispute
12.09.2014 | ABN Newswire
Adelaide, Australia (ABN Newswire) - Archer Exploration Ltd. (ASX:AXE) ("Archer") is pleased to announce that Archer and Foyson Resources Limited ("Foyson") have entered into a confidential settlement agreement to settle all disputes between them concerning the Leigh Creek Magnesite Project.Foyson had commenced proceedings against Archer in the Supreme Court (refer to ASX announcement dated 2 July 2014) and these proceedings will now be discontinued.
The execution of the settlement agreement allows Archer to actively explore and develop its 100% owned Leigh Creek Magnesite Project and Foyson to focus its attention on its highly prospective PNG Projects.
About Archer Exploration Limited:
Archer Exploration Ltd. (ASX:AXE) is an Australian Stock Exchange listed company with 100% ownership of 15 tenements and one Exploration Licence Application all in South Australia covering 6,053 km2.
Archer also has the rights to all minerals other than uranium on EL4693 covering a further 816 km2. Archer's main project is the Campoona Graphite Project which is located within reach of established and major developing infrastructure. It has a JORC 2004 Resource of 5.27 million tonnes @ 7.6 % TC (based on 2% TC cut-off).
Contact:
Archer Exploration Ltd.
T: +61-8-8272-3288
www.archerexploration.com.au