AI assistant
AUKING MINING LIMITED — Capital/Financing Update 2010
Feb 21, 2010
64355_rns_2010-02-21_6ad4465a-ea5a-40a5-8368-116c9207c691.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
MINERAL EXPLORATION AND DEVELOPMENT ACN 108 003 890
ASX Release 22nd February 2010
Sale of Chilean exploration assets allows increased focus on coal developments
Highlights
-
Agreement reached with China Yunnan Copper Australia Limited to divest Humitos copper exploration leases, Chile
-
Sale consideration is $200,000 cash and 1.5% Net Smelter Return royalty on any future production, subject to completion of transfer documentation
-
Divestment is consistent with Rey’s strategy of focussing on its Canning Basin Coal Projects
-
Discussions continue on disposal of other non core assets
About Rey:
Rey Resources (REY) is focusing on the development of its thermal coal properties. It owns coal, oil and gas tenements in the Canning Basin region near Derby in Western Australia that have excellent potential for medium to large scale development. The company aims to create shareholder value through the development of its coal properties and the divestment or joint venturing of its other properties.
| Level 8, 50 Clarence Street | Level 8, 50 Clarence Street | 12 King Sound Close |
|---|---|---|
| Sydney,NSW 2000 | Derby,Western Australia 6728 | |
| PO Box Q93 QVB, NSW 1230 | T/F:+61 8 9193 2034 | |
| T | :+61 2 9299 9357 / F :+61 2 9262 1403 | |
| E | :[email protected] |
MINERAL EXPLORATION AND DEVELOPMENT ACN 108 003 890
Canning Basin
Rey Resources Limited (ASX:REY) is evaluating thermal coal export operations based on the Duchess Paradise Project which is part of the Company’s Canning Basin Coal Leases. These leases encompass over 8,000 square kilometres in the Fitzroy Trough of the Canning Basin in Western Australia.
Divestment of Humitos Project
Rey Resources has agreed to sell 100% of the Humitos copper exploration project in the Copiapo District, Chile to China Yunnan Copper Australia Limited (ASX: CYU). The purchase price is $200,000 cash and a 1.5% Net Smelter Royalty on any future production from the leases. The divestment is subject to a 30 day due diligence period by CYU and to normal Chilean regulatory approval. There is no accounting impact on Rey Resources.
The disposal is part of the Rey Resources’ strategy to rationalise the Company’s non-core assets to allow management focus on the Canning Basin Coal Projects.
| For more information contact: | |
| Rey Resources Limited | Pesel & Carr |
| Kevin Wilson – Managing Director | Glenister Lamont – 0417 541 305 |
| Tel: +61 2 9299 9357 | Barbara Pesel – 0418 548 808 |
| Level 8, 50 Clarence Street | Level 8, 50 Clarence Street | 12 King Sound Close |
|---|---|---|
| Sydney,NSW 2000 | Derby,Western Australia 6728 | |
| PO Box Q93 QVB, NSW 1230 | T/F:+61 8 9193 2034 | |
| T: | +61 2 9299 9357 / F :+61 2 9262 1403 | |
| E: | [email protected] |