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GENESIS RESOURCES LIMITED — Capital/Financing Update 2009
Nov 25, 2009
64980_rns_2009-11-25_67295f81-2b2f-4cff-9cb5-e121858eb940.pdf
Capital/Financing Update
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26 November 2009 GENE0C0R\ASX017
The Company Announcements Platform ASX Limited Exchange Plaza 2 The Esplanade PERTH WA 6000
Transfer of Interests In Tenements Completed
The Board of Directors of Genesis Resources Limited (“Genesis” or “the Company”) is pleased to announce that the Company has now completed the transfer of the interest in tenements from WDR Base Metals Pty Ltd (“Base Metals”) by effecting a cash payment of $750,000 on 26 November 2009.
This transaction will finalise the transfer from Base Metals to Genesis of the 45% participating interest held by Base Metals in the manganese projects at Gladstone in Queensland (EPM 15771) and McArthur River in the Northern Territory (Tenement EL24814) pursuant to the Joint Venture Agreement between the parties dated 1 July 2008 (“JV Agreement”) .
The JV Agreement has now been terminated and as such Genesis will own and control 100% of the Gladstone and McArthur River projects. The Company intends to place additional focus on its exploration efforts on these tenements.
For further information, please contact:
Pedro Kastellorizos Robert Marusco Managing Director Company Secretary Genesis Resources Ltd Tel: +8 9367 8133 Tel: + 8 8981 8106 Email: [email protected]
About Genesis Resources Limited
Genesis Resources Limited is an Australian company with a portfolio of quality iron, manganese, gold, uranium and base metal (copper-zinc-silver) in the highly prospective Archaean and Proterozoic metallogenic provinces of Australia. Genesis is also party to a Joint Venture over an advanced copper-gold (Plavica) project within the Former Yugoslav Republic of Macedonia. The Plavica Project lies within the Carpathian Volcanic Arc, a major epithermal province running through Eastern Europe, which is highly prospective for gold, copper and silver mineralisation.
Genesis 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.