Archer Exploration Limited Key Milestone for Eyre Peninsula Graphite Project
03.02.2015 | ABN Newswire
Perth, Australia (ABN Newswire) - Archer Exploration Ltd. (ASX:AXE) is pleased to advise that the transfer of EL 4693 Wildhorse Plain to Pirie Resources Pty Ltd, a wholly owned subsidiary of Archer Exploration Ltd., has now been completed following ministerial approval.This transfer represents another key milestone in the development of Archer's graphite assets. Archer now holds the title to all tenements encompassed in the Eyre Peninsula Graphite Project area. The ownership of the tenement gives Archer more certainty in respect of the development of these resources.
Archer's proposed Campoona mine development is located within EL 4693 Wildhorse Plain (refer to Figure 1) which was previously held by Samphire Uranium Pty Ltd, a wholly owned subsidiary of ASX listed UraniumSA Limited (ASX:USA). Until now Archer has been exploring EL 4693 pursuant to a Mineral Rights Agreement which allowed Archer to explore for all minerals except for uranium (refer to ASX announcement dated 15 March 2010).
Wholly-owned subsidiaries of Archer Exploration Ltd. and UraniumSA Limited signed the Wildhorse Plain Agreement which sets out the terms and conditions for the transfer of ownership of EL 4693 Wildhorse Plain. Under the terms of the agreement, UraniumSA will have the right to explore for uranium and may benefit from the development of a deposit(s) where uranium is not the dominant element.
Archer will issue 250,000 fully paid Archer ordinary shares to UraniumSA Limited as full payment for the transfer.
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:
Mr Greg English, Chairman
Archer Exploration Ltd.
Tel: (08) 8205 3343
Mr Gerard Anderson, Managing Director
Archer Exploration Ltd.
Tel: (08) 8272 3288