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EML PAYMENTS LIMITED — Capital/Financing Update 2012
Oct 8, 2012
64847_rns_2012-10-08_61ce642e-a6f2-4e42-b810-a168badcc45d.pdf
Capital/Financing Update
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ABN 37 148 168 825 | Suite 4, 213 Balcatta Road BALCATTA WA 6021 | PO BOX 572 BALCATTA WA 6914 | T: 61 8 9240 4111 | F: 61 8 9240 4054 | E: [email protected] | W: www.forteconsolidated.com.au
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ASX ANNOUNCEMENT 9 October 2012
North Queensland Tenement Acquisition (Amended)
Forte Consolidated Limited (ASX : FRC) is pleased to announce that it has entered into an agreement to secure new tenement ground, EPM 18986 (Johnnycake), at the northern end of the Bowen Basin in Queensland for consideration of $50,000. The tenement, which was acquired from Adept Solutions Limited (ASX : AAO), was previously held by Evolution Mining Limited (‘Evolution’, formerly Conquest Mining) before it was relinquished in 2010 under Queensland’s compulsory tenement relinquishment regulations.
Evolution has already discovered multiple deposits in the region known as Mt Carlton. A Resources and Reserves Statement for the Mt Carlton Project was released by Evolution on 30 June 2012 and can be viewed at www.evolutionmining.com.au/framework/documents/displaydocument.asp?doc=733. Evolution’s June 2012 Quarterly Report indicates Mt Carlton production is scheduled to commence in 2013 ( www.evolutionmining.com.au/framework/documents/displaydocument.asp?doc=675). EPM 18986’s proximity to Mt Carlton is shown in Figure 1. The tenement is split into 2 areas, one 10 kms south of Mt Carlton and the other 20 kms west of Mt Carlton.
The agreement with Adept Solutions requires that the tenement, which is currently under application, receive grant approval from the Queensland Department of Mines and Energy on or before 17 December 2012 (unless this date is extended by both parties). In the event that grant approval does not occur by 17 December 2012 (or an extended date) an initial deposit of $10,000 payable to Adept Solutions will be fully refundable, the sale agreement will lapse and the option to purchase this tenement will, effectively, be at no cost to the Company.
Upon grant approval, the Company intends to commence a field trip including field mapping and rock chip sampling and a re-interpretation of the historical aeromagnetic data.
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Figure 1.