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Celsius Resources Limited — Capital/Financing Update 2007
Oct 2, 2007
10450_rns_2007-10-02_41bdc06b-7610-4205-92cd-7838ca0952c3.pdf
Capital/Financing Update
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GREAT AUSTRALIAN RESOURCES LTD
ACN 106 874 917
ASX RELEASE
3[rd] October 2007
Company Announcements Office Australian Stock Exchange Ltd Level 4 Bridge St SYDNEY NSW 2000
GREAT AUSTRALIAN SIGNS SALE AGREEMENT WITH VIEW RESOURCES
Great Australian Resources Ltd (ASX code: GAU) is pleased to announce that it has finalised a Sale Agreement with View Resources Ltd (ASX code: VRE) over a tenement from the Corboys Project area (Mining Licence 53/15) which is located 30kms north of VRE’s Bronzewing Project, within the Yandal Greenstone Belt.
Previously VRE had entered into an Option Agreement with the Company over the tenement whereby VRE had the opportunity to exercise the option to purchase the tenement prior to 31[st] December 2007.
The agreement, comprising of cash, VRE’s Script and royalties is potentially worth over $700,000 to GAU. This amount may increase substantially should either the gold price or VRE’s share price appreciates.
Under the terms of the option agreement, VRE has spent in excess of $500,000 on upgrading the resource status and completing the necessary test work, drilling and pre-feasibility studies.
In announcing the sale agreement GAU’s Managing Director, Joe Cornelius said, “The agreement is consistent with GAU’s recent Board decision to divest its Australian assets and focus on its South African projects”. He further added, “We currently have a number of potential world class projects in our portfolio and this agreement with View Resources enables the Company to remain focused while the Corboys project is being developed to the next stage.”
VRE has commenced mining at its Bronzewing Mine where it owns and operates a 2.3mtpa plant and infrastructure and the Corboys tenement further consolidates VRE’s focus in the Yandal Belt region.
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Joe Cornelius BSc, MAustIMM, MAIG, SIA Managing Director
Unit 13, 28 Belmont Avenue, Belmont, WA, 6104
Phone: +61 (08) 9479 5745 Fax: +61 (08) 9479 6362 E-mail: [email protected]
ACN 106 874 917
GREAT AUSTRALIAN RESOURCES LTD
For further information please contact:
Great Australian Resources Limited Telephone: +61 8 9479 5745 13/28 Belmont Avenue Facsimile: +61 8 9479 6362 Belmont WA 6104 Website: www.greataustralian.com.au Email: [email protected]
Unit 13, 28 Belmont Avenue, Belmont, WA, 6104
Phone: +61 (08) 9479 5745 Fax: +61 (08) 9479 6362 E-mail: [email protected]