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ALARA RESOURCES LIMITED — Capital/Financing Update 2017
Nov 21, 2017
64461_rns_2017-11-21_d841edf2-ea5d-4ff9-a2c8-65f000354e39.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 PO Box 1227 West Perth WA 6872
Telephone | +61 8 9322 3383 Facsimile | +968 2449 2491 Web | www.alararesources.com Email | [email protected]
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ASX/MEDIA RELEASE
Wednesday, 22 November 2017
PROJECT UPDATE
Perth: Alara Resources Limited (ASX: AUQ) is pleased to report this update on the Al Hadeetha Copper Gold (the Project) in Oman.
Oman’s Public Authority of Mining (PAM) has given clearance to the Omani Ministry of Commerce to amend the commercial registration of our Project company, Al Hadeetha Resources[1] , to include mining activities, whereas before the company was authorised to engage in mineral exploration activities only. This important step by PAM is indicative of impending favourable action relative to the issuance of the Project Mining Licence.
This and other recent developments bode well for the Project being in production early 2019 after copper supply deficits are forecast to deepen[2] .
For further information, please contact:
Justin Richard T | +968 2449 1162 Managing Director E | [email protected] Ian Gregory T | +61 8 9322 3383 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 Washihi, Mullaq and Al Ajal exploration licences in Oman and a Feasibility Study for the Al Hadeetha Copper Gold Project, Washihi ore reserve. 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.
1 Al Hadeetha Resources is owned 70% Alara Oman Operations Pty Ltd and 30% Al Hadeetha Investments LLC. 2 Refer p.2 of the Company’s Quarterly Report (Sep 17) and ICSG forecast of a 105,000 tonne shortfall in 2018.
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ASX Code | AUQ