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PATERSON RESOURCES LTD — Interim / Quarterly Report 2013
Oct 29, 2013
65618_rns_2013-10-29_a5feac76-5c34-48cf-91da-ad349aa5dc16.pdf
Interim / Quarterly Report
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Quarterly Activities Report Quarter ended 30[th] September 2013
Burraga Copper Limited – Takeover Offer
On 30 August 2013 the Company announced an off-market takeover bid under Chapters 6 to 6C of the Corporations Act 2001 (Cth) for all of the issued ordinary fully paid shares and options in Burraga Copper Limited.
Burraga is an unlisted Australian public company that owns three contiguous exploration licences totalling 183 sq kms in the Lachlan Fold Belt of New South Wales. The exploration licences include the historic Lloyds Copper Mine, the Hackneys Creek gold deposit and the Lucky Draw gold mine all of which produced copper and gold. Burraga’s JORC Resources currently stand at 3.2Mt @ 0.5% copper and 2.7Mt @ 1.6gpt gold. Refer to www.burragacopper.com.au.
The Offers represent part of a comprehensive process undertaken by the Elysium Board to identify other gold and copper tenements and projects in Australia and Indonesia.
As announced to the ASX on 29 October 2013 the Company has received acceptances for 32.08% of the issued shares of Burraga.
Indonesia – Malang Project
In August the Company agreed to terms of a Heads of Agreement with PT Gata Sumber Daya to earn 67.5% of the Malang Project on East Java in Indonesia by advancing the exploration efforts at the copper and gold targets.
The Company incorporated a new Australian company called Malang Resources Pty Ltd and has lent funds to Malang Resources in an amount of US$200,000 on the condition that Malang Resources agrees to subsequently advance these funds to Gata for the purposes of securing the exploration permit (IUP) from the relevant Indonesian government authority.
Rights Issue
During the June quarter the Company conducted a pro-rata, non-renounceable rights issue which closed on 27 June 2013. Subsequent to the closure of the Right Issue a further $188,300 was raised under the Shortfall Facility resulting in the issue of a further 14,484,615 ordinary shares and 7,242,308 options.
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Max Carling Director 30 October 2013
Elysium Resources Limited
ABN 45 115 593 005 Suite 705, 3 Spring Street, Sydney NSW 2000 PO Box H238, Australia Square NSW 1215 Phone: +61 2 9247 7744 Fax: +61 2 9247 7244 Email: [email protected] Web: www.elysiumresources.com.au