Key Milestone for Eyre Peninsula Graphite Project
Perth, Feb 3, 2015 AEST (ABN Newswire) - Archer Exploration Limited (
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 Limited, 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 in link below) 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 Limited 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.
To view figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-AXE-840783.pdf
Contact
Mr Greg English
Chairman
Archer Exploration Limited
Tel: (08) 8205 3343
Mr Gerard Anderson
Managing Director
Archer Exploration Limited
Tel: (08) 8272 3288
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