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ALARA RESOURCES LIMITED — Capital/Financing Update 2016
Dec 13, 2016
64461_rns_2016-12-13_92f17b05-5013-438a-8cb9-13b835f0b1c1.pdf
Capital/Financing Update
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Alara Resources Limited A.B.N. 27 122 892 719 Level 11, 216 St Georges Tce Perth WA 6000, Australia GPO Box 2517 Perth WA 6831
Telephone | +61 8 9481 0389 Facsimile | +61 8 9463 6103 Web | www.alararesources.com Email | [email protected]
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ASX/MEDIA RELEASE
Wednesday, 14 December 2016
UPDATE: AL HADEETHA COPPER-GOLD PROJECT
Alara Resources Limited (ASX: AUQ) (Alara or Company) provides this update relating to the Company’s business in Oman.
Based on feedback received from the Mining Authority, and the revised Washihi resource model announced in September, a JORC reserve statement is now being finalised for the Al Hadeetha Copper Gold Project (the ‘Project’).
The Project’s financial models have also been updated to reflect the new mining schedules and copper prices.
While the Project continues to advance under its existing joint venture structure (i.e. Al Hadeetha Resources LLC, with Alara Oman Operations Pty Ltd as a 70% shareholder and Al Hadeetha Investments LLC holding 30%), Alara is also continuing discussions with relevant parties regarding potential collaboration / consolidation of copper assets in Oman. As noted in previous announcements, the Omani government (including large sovereign wealth funds) have undertaken various initiatives to help foster a favourable environment for development of mining projects in the Sultanate. Alara welcomes the opportunity to be a part of these developments at a time when global demand for copper is on the rise.
For further information, please contact: Justin Richard T | +61 8 9481 0389 Managing Director E | [email protected] Elizabeth Hunt T | +61 8 9481 0389 Company Secretary E | [email protected]
About Alara Resources
Alara Resources Limited (ASX: AUQ) is an Australian minerals exploration company with a portfolio of projects in Saudi Arabia and Oman. Alara has completed a Definitive Feasibility Study on the Khnaiguiyah Zinc-Copper Project in Saudi Arabia, an Advanced Scoping Study on the Daris and Al Hadeetha Copper-Gold Projects in Oman and a Feasibility Study for the Al Hadeetha Project, Washihi deposit. The Company is transitioning to establish itself as a base and precious metals mine development and production company. For more information, please visit: www.alararesources.com
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ASX Code | AUQ