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Alkane Resources — Regulatory Filings 2011
Feb 23, 2011
48579_rns_2011-02-23_8e2b71ed-d2f2-4dfb-8c25-0cf7a2a51e70.pdf
Regulatory Filings
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----- Start of picture text ----- RESOURCES LTDABN 35 000 689 216----- End of picture text -----
ASX ANNOUNCEMENT – 24 FEBRUARY 2011
Corporate Profile
Alkane Board
J. S. F. Dunlop (Chairman) D. I. Chalmers (Managing Dir)
A. D. Lethlean (Director)
ADRs QUOTED ON OTCQX INTERNATIONAL
I. J. Gandel (Director)
L A Colless (Joint Secretary) K E Brown (Joint Secretary)
Australian multi-commodity explorer and miner Alkane Resources Ltd (ASX: ALK; OTCQX: ANLKY) is pleased to announce commencement of trading of its sponsored American Depositary Receipts (ADRs) on the OTC market’s prestigious tier, OTCQX International.
The establishment of a sponsored ADR Program creates a broader secondary market for the Company's listed securities, particularly in the United States and enables US investors to trade in the Company’s securities without the hazards of cross-currency transactions.
BNY Mellon acts as the Company’s depositary bank for the ADR facility and will serve as Principal American Liaison (“PAL”) on OTCQX, responsible for providing guidance on OTCQX requirements. Any queries in relation to the ADR facility can be directed to BNYM at www.adrbnymellon.com .
Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.OTCQX.com and www.OTCMarkets.com .
Particulars of the United States sponsored ADR Program are as follows:
| U.S. Trading Platform: | OTCQX |
|---|---|
| Ticker Symbol: | ANLKY |
| Ratio: | 1:10 (1 ADR : 10 Ordinary shares |
Contact
Ian Chalmers Managing Director 96 Parry Street PERTH WA 6000
Telephone +61 8 9328 9411 Facsimile +61 8 9227 6011 Email [email protected] Web – www.alkane.com.au
12 month share price range
A$1.315 - $0.240
Market Cap 23 Feb 2011
~A$301.5 million
ASX Code: ALK 269 million shares
OTC/QX Code: ANLKY ADR ratio 1:10
23 February 2010 Cash Cash ~A $22.3 million No debt
Media Relations
Westbrook Communications Level 1, 17 Castlereagh Street SYDNEY NSW 2000 Telephone +61 2 9231 0922 Facsimile +61 2 9231 0131 Web – www.westbrookfin.com.au
Registered Office: 129 Edward Street Perth WA 6000 Telephone: 61 8 9227 5677 Facsimile: 61 8 9227 8178 PO Box 8178 Perth Business Centre Western Australia 6849 www.alkane.com.au [email protected]
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BACKGROUND
Alkane is a multi commodity explorer and miner with its operations focussed in the Central West of New South Wales , centred about 400 kilometres northwest of Sydney. Over several years, including experience in developing the Peak Hill Gold Mine, Alkane has built a substantial resource base and is proceeding towards several developments:
The Tomingley Gold Project currently has an 840,000 ounce gold resource within the Wyoming and Caloma deposits , (full details are in the 2008 Annual Report and the ASX announcements of 2 October and 16 December 2009). A feasibility study for the development of the project with potential 50,000 to 60,000 ounce per annum production was completed late 2010 and development financing options are now being investigated.
The Dubbo Zirconia Project is based upon a world class resource of the metals zirconium, hafnium, niobium, tantalum, yttrium and rare earth elements. The deposit also contains significant uranium. Over several years Alkane has developed a flow sheet which can recover a variety of products which have expanding applications in electronics, ceramics, catalysts, special alloys and glasses, fuel cells, special batteries and permanent magnets, nuclear power and as environmental drying agents. Following a $3.3 million Commercial Ready Grant from AusIndustry in 2006, the feasibility study was reactivated. The study includes the construction and operation of a Demonstration Pilot Plant, and a development commitment is anticipated mid 2011.
Near Orange, the Company has a joint venture ( ODEJV ) with Newmont, one of the world’s largest gold miners, which resulted in the discovery in 2006 of a significant gold deposit at McPhillamys within the Moorilda Project . An initial resource of Indicated plus Inferred resources containing 2.96 million ounces of gold and 60,000 tonnes of copper has been defined (full details ASX announcement of 5 July 2010) . Newmont are proceeding to complete a Bankable Feasibility Study for the development of the deposit.
Elsewhere within the region, Alkane has defined a 2 million tonne 1.00% copper Indicated Resource (details 2005 Annual Report) which is being reviewed for its development potential at Galwadgere within the Wellington Project , and several other advanced exploration projects with encouraging drill intercepts. New exploration targets have been identified at several other locations.
In Western Australia the Company hold a diluting 23% residual interest in a nickel sulphide joint venture with Xstrata Nickel (Jubilee) near Leinster .
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Unless otherwise stated, the information in this report that relates to exploration results, mineral resources and ore reserves is based on information compiled by Mr D I Chalmers, FAusIMM, FAIG, (director of the Company who has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Ian Chalmers consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
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Alkane Resources Ltd – ADRs quoted on OTCQX International 24 February 2011