Archer Exploration Limited West Roxby Tenement Sale Completed
22.06.2012 | ABN Newswire
12:03 AEST June 22, 2012 ABN Newswire (C) 2004-2012 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Archer Exploration Limited (ASX:AXE) through its wholly owned subsidiary Kensington Exploration Pty Ltd, this morning completed the sale of the Company's five West Roxby exploration tenements to BHP Billiton (ASX:BHP). At Completion Archer received a payment of $8.0 million resulting in the Company having over $13.0 million cash in bank to fund its work programs.
Finalisation of the sale of the West Roxby project leaves Archer in a very strong cash position and well placed to complete the drilling of the Campoona Graphite Deposit to JORC Resource status.
About Archer Exploration Limited:
Archer Exploration Limited (ASX:AXE) is a copper, gold and uranium explorer focused on the discovery of world-class ore deposits.
The company has carefully acquired a portfolio of projects, covering an area in excess of 7,000 km2, in the highly prospective Gawler Craton and Adelaide Fold Belt regions of South Australia. All projects are 100% owned by the company.
The company's flagship Evelyn Dam prospect in the West Roxby Project is an iron ore-copper-gold-uranium (IOCG-U) target which has a gravity anomaly similar in size to the nearby Olympic Dam operations.
Archer Exploration Limited has an experienced board and management team and has the ability to maximise the potential of the company's world-class projects.
Contact:
Archer Exploration Limited
T: +62-8-8272-3288
WWW: www.archerexploration.com.au