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NT MINERALS LIMITED — Regulatory Filings 2013
May 7, 2013
65450_rns_2013-05-07_5d8ac044-dd9e-4ba8-b015-09d9ff93e386.pdf
Regulatory Filings
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Level 1, 24 Mumford Place Balcatta, Western Australia, 6021 Telephone: +61 8 6241 1888 Facsimile: + 61 8 6241 1811
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8 May 2013
REDBANK COPPER LIMITED – SATISFACTION OF REINSTATEMENT CONDITIONS
As previously disclosed, ASX has confirmed that Redbank Copper Limited ( Company ) will be reinstated to official quotation subject to compliance with certain conditions imposed by ASX.
In respect of certain conditions imposed by ASX, the Company provides as follow:
1. Activities and business strategy report
The Company attaches to this announcement, an activities report outlining the proposed business strategy for the Company (see Annexure A ).
2. Legal, regulatory or contractual impediments to activities
The Company confirms that there are no legal, regulatory or contractual impediments to the Company undertaking the activities disclosed in the prospectus dated 13 February 2013 and supplementary prospectus dated 27 March 2013.
3. Update on status of Company’s exploration interests
The Redbank Copper Project located in the Northern Territory McArthur River Basin remains with the Company. The Board of Directors of the Company will seek to carry out an initial exploration program to firm up the known resources of the Redbank Copper Project. The initial focus will be on exploration drilling. Development and feasibility work will then follow which should allow the establishment of a JORC defined reserve.
4. Compliance with ASX Listing Rules
The Company confirms that it is in compliance with the ASX Listing Rules and, in particular, ASX Listing Rules 3.1 and 12.2.
For more information:
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Shannon Coates Company Secretary
[email protected] www.redbankcopper.com.au A.B.N 66 059 326 519
Level 1, 24 Mumford Place Balcatta, Western Australia, 6021 Telephone: +61 8 6241 1888 Facsimile: + 61 8 6241 1811
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ANNEXURE A – ACTIVITIES AND BUSINESS STRATEGY REPORT
Business strategy
Following completion of the recapitalisation of Redbank Copper Limited ( Redbank or Company ) by Investmet Limited, as announced to the ASX on 23 April 2013, all of the assets of Redbank, being the Redbank Copper Project in the Northern Territory McArthur River Basin ( Project ) have remained with the Company.
The significant ground position of approximately 4,360km[2] includes numerous advanced copper targets and has an estimated previously identified resource of over 90,000 tonnes of contained copper metal. The Project already has an established mine and support infrastructure currently on care and maintenance which gives the Project a significant head start against other similar projects.
The initial strategic focus of the Company will be on exploration drilling. Development and feasibility work will then follow which should allow the establishment of a JORC defined reserve.
Proceeds from capital raising
The funds raised from the offer under the prospectus dated 13 February 2013 and supplementary prospectus dated 27 March 2013 ( Offer ), are to be used to provide funding for working capital purposes and for an initial exploration period to firm up the known resources at the Project. The remaining balance of the funds raised will be used for administration costs, the costs of the Offer, payment to creditors and the repayment of debt.
The Company has proposed the following exploration budget:
| A$ | |
|---|---|
| Wages | 350,000 |
| Tenement Rent | 20,000 |
| Exploration (Woologorang JV) | 1,200,000 |
| Exploration/Acquisition | 1,010,000 |
| Total | 2,580,000 |
The exploration budget will be subject to modification on an ongoing basis depending on the results obtained from exploration and development activities as they progress. It is also noted that proposed expenditure is sufficient to cover the minimum expenditure obligation.
Further information can be found in the Prospectus and on the Company’s website at http://www.redbankcopper.com.au.
[email protected] www.redbankcopper.com.au A.B.N 66 059 326 519