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ECLIPSE METALS LIMITED. — Capital/Financing Update 2011
Feb 16, 2011
64863_rns_2011-02-16_2446dfbe-ef38-4f4c-b436-25e2fc687553.pdf
Capital/Financing Update
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17 February 2011
ASX/MEDIA RELEASE
ECLIPSE URANIUM LIMITED LISTS ON ASX ON 17 FEBRUARY 2011
Uranium focussed, Eclipse Uranium Limited (ASX: EUL) will today list on the ASX at 9.30am WST. The Initial Public Offering (IPO) recently closed and successfully raised the amount sought of $4 million. The total issued capital is now 70.747 million ordinary shares.
On listing, Eclipse Uranium will have a market capitalisation of over $14 million, with cash backing of approximately $3.5 million.
Eclipse Uranium is an exploration company committed to successful mineral exploration and development through cost efficient exploration and where appropriate joint ventures. Eclipse Uranium has an attractive portfolio of quality uranium tenements in geologically favourable areas in the Northern Territory. The Company holds over 8,910km[2] of selected tenure that is highly prospective for uranium mineralisation. Specifically these comprise six separate projects situated around key locations in the Northern Territory with these areas have been carefully selected with reference to sound geological models developed specifically for uranium mineralisation. These areas are as follows:
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The Eclipse Project (5,438km[2] ) located in the southern and north eastern parts of the Ngalia basin.
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The Pine Creek Project (1,114km[2] ) located in various areas around the Pine Creek region.
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The West Arnhem Project (110km[2] ) located in the West Arnhem region.
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The North Arunta Project (1,580km[2] ) located in the North Arunta region.
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The Lake MacKay Project (159km[2] ) located in the Lake MacKay region.
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The Canning Basin Project (516km[2] ) located in the Canning basin.
Eclipse Uranium plans to focus its exploration efforts on its various tenement holdings, as well as the acquisition of new prospective exploration assets. The Company has already commenced an extensive target generation program on these projects and the greater Northern Territory region. This work and the exploration programs that will follow provide Eclipse Uranium with an opportunity to define high quality uranium deposits.
In commenting on this significant milestone for Eclipse Uranium, Mark Fogarty, Managing Director, said:
“Eclipse Uranium is delighted to be listing on the ASX today. The Company can now enter into an exciting phase of its development as it moves towards becoming a new and emerging uranium explorer in Australia. The availability of working capital, resulting from the IPO, will enable the Company to aggressively explore and develop its various tenements which presents a significant milestone event for the Company.”
“We look forward to updating the market as we progress with development at our Northern Territory based projects. 2011 will be an exciting year for Eclipse Uranium as we fulfil our goals and ambitions as outlined in our prospectus.”
ECLIPSE URANIUM LIMITED
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“It is our intention to immediately progress on a number of fronts post listing and in particular, advance on obtaining the approvals for the various Eclipse tenements. On successful approval, the Company will commence drilling on selected sites late February or early March 2011.
“The Company’s geologists will immediately commence generating targets on all other projects with a view to progress to the next stage when the assessment and evaluation process has been satisfactorily completed.”
For further information, please contact:
Mark Fogarty Robert Marusco Managing Director Company Secretary Tel: 0408 950 775 Tel: 9367 8133 Email: [email protected] Email: [email protected]
About Eclipse Uranium Limited
Eclipse Uranium Limited is an Australian company with a portfolio of quality uranium tenement assets and rare earths in the highly prospective provinces of the Northern Territory.
Eclipse Uranium projects are close to established infrastructure including railways, shipping ports, highways, power stations and populated areas. The Company’s objective is to provide rapid capital growth through mineral discoveries and development of economic deposits in Australia and overseas.