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ADAVALE RESOURCES LIMITED — Capital/Financing Update 2011
Apr 26, 2011
64300_rns_2011-04-26_91abd9a5-8a9a-422c-ace4-cb95e4677e58.pdf
Capital/Financing Update
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27 April 2011
Company Announcements Platform Australian Securities Exchange 20 Bridge Street Sydney NSW 2000
Dear Sir/Madam
Update on Indonesian Activities
The board of Adavale Resources Limited (the Company) is pleased to advise that as part of its expansion into coal exploration in Indonesia, the Company, through its wholly owned subsidiary Adavale Nusantara Resources (ANR), has signed joint venture agreements on 8 concessions totaling 24,400 ha.
The concessions are located in historic and well known coal producing areas in East and South Kalimantan with very good logistics. (See diagram attached).
The ongoing program of project identification followed by the application of rigid assessment criteria has led to the company securing the assets via formal agreement to cover the next stage of selective acquisition.
The agreements are structured to grant ANR a minimum exclusive period to carry out geological surveys and further due diligence. Upon satisfactory completion of this stage, the agreements establish the parameters and grant ANR the right to acquire a majority shareholding in the company that owns the concession subject to negotiation of final terms.
Exploration is due to commence immediately.
Yours Faithfully,
John Risinger Director Adavale Resources Limited
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Address: U8-9 88 Forrest Street Cottesloe, Perth, Western Australia, 6001 l Postal Address: PO Box 968, Cottesloe, Perth, Western Australia, 6911 Telephone: (08) 9467 2049 l Facsimile: (08) 9286 2900 l Email: [email protected] l Website: www.adavaleresources.com.au
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