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ALARA RESOURCES LIMITED — Capital/Financing Update 2018
Sep 25, 2018
64461_rns_2018-09-25_ba676ec9-0da4-4ef1-a4ee-413b22571612.pdf
Capital/Financing Update
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Telephone | +61 8 9240 4211 Facsimile | +968 2449 2491 Web | www.alararesources.com Email | [email protected]
Alara Resources Limited A.B.N. 27 122 892 719 Suit 1.02, 110 Erindale Road, Balcatta WA 6021, Australia
PO Box 963, Balcatta WA 6914
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ASX/MEDIA RELEASE Wednesday, 26 September 2018
PROJECT UPDATES
PERTH: Alara Resources Limited (ASX: AUQ) ( Alara or Company ) reports on project developments in Oman.
Project Finance
The Company has received term sheets from financiers for project finance on the Al Hadeetha Copper Project ( Project ). Lenders and their specific terms remain confidential but are in line with previous management expectations. Due diligence reviews and other preliminaries have been completed. The Company is advised that final approval is now pending.
Engineering, Procurement and Construction Contracts
Contract terms have been finalised and agreed for all key Project engineering, procurement and construction contracts. While preliminary works are underway, management has opted not to proceed with the award of major contracts until final approval of Project finance is completed.
South West Pinnacle Joint Venture
The Company refers to its previous announcement regarding a new joint venture with South West Pinnacle Exploration Limited. The new joint venture is considered an arm’s length transaction; however, shareholder approval may still be sought at the Company’s AGM.
The proposed joint venture has submitted a bid to provide drilling services for a major mineral development project in Oman and two new drill rigs have been ordered.
Other Project Developments
An exploration program for Block 8 has also been submitted to the Public Authority for Mining ( PAM ). PAM has also requested project presentations on the Company’s other JV exploration licences. Further updates will be issued in due course.
Collaboration across different projects is advancing with key potential project partners in Oman.
ENDS
Alara Resources Limited Telephone | +61 8 9240 4211 A.B.N. 27 122 892 719 Facsimile | +968 2449 2491 Suit 1.02, 110 Erindale Road, Web | www.alararesources.com Balcatta WA 6021, Australia Email | [email protected] PO Box 963, Balcatta WA 6914
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For further information, please contact:
Justin Richard T | +968 2449 1162 Managing Director E | [email protected] Stephen Gethin T | +61 8 9240 4211 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 the Middle East. Alara has completed Bankable Feasibility Studies for the Al Hadeetha Copper Project in Oman and the Khnaiguiyah Zinc-Copper Project in Saudi Arabia and an Advanced Scoping Study on the Daris Copper-Gold Project in Oman. In June 2018, Al Hadeetha Resources became the first international joint venture company to be awarded a copper mining licence in the Sultanate of Oman. The Company is now establishing itself a mine developer and producer of base and precious metals. For more information, please visit: www.alararesources.com
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ASX Code | AUQ