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RIEDEL RESOURCES LIMITED — Capital/Financing Update 2011
Apr 12, 2011
65702_rns_2011-04-12_0861f425-658c-4031-b181-d8b2ac3e1af8.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT
13 April 2011
Disposal of Cheritons East Tenement
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COMPANY DIRECTORS Mr Ian Tchacos Non-Executive Chairman
Mr Bruce Franzen Executive Director
Mr Jeffrey Moore Managing Director
The Directors of Riedel Resources Limited ( Riedel ) are pleased to advise that Riedel’s wholly owned subsidiary, AuDAX Minerals Pty Ltd ( ADXM ), has entered into a conditional agreement ( Agreement ) for the disposal of a 100% interest in the Cheritons East Tenement EL77/1223 ( Tenement ) to Silverstone Minerals Pty Ltd ( Purchaser ), a wholly owned subsidiary of Silver Stone Resources Limited ( Silver Stone ).
Mr Franzen, Executive Director of Riedel, said “the disposal of the Cheritons East Tenement will enable Riedel to focus on its material assets located in other areas of Western Australia.” (See Figure 1 for project locations)
Material Agreement Terms
The Agreement is conditional upon ASX granting Silver Stone conditional approval to be admitted to the Official List of ASX, subject only to completion of the Agreement occurring and the satisfaction of such other conditions as may reasonably be within Silver Stone’s control.
Mr Andrew Childs Non-Executive Director
Mr Wolfgang Zimmer Non-Executive Director
COMPANY SECRETARY
Mr Bruce Franzen
CONTACT DETAILS Principal & Registered Office Suite 1 45 Ord Street West Perth WA 6005 Australia
Postal Address PO Box 1559, West Perth WA 6872
Website www.riedelresources.com.au
Email [email protected]
Phone +61 8 9226 0866
The purchase consideration comprises:
(a) the issue to Riedel at completion of the Agreement of 500,000 fully paid ordinary shares in the capital of Silver Stone; and
Facsimile +61 8 9486 7375
ABN:91 143 042 022 ASX CODE: RIE
- (b) $100,000 cash (plus any applicable GST); and
(c) $10,000 for costs incurred by ADXM in respect of the Tenement.
Upon completion of the Agreement, Silver Stone will hold a 100% interest in EL77/1223, known as Cheritons East.
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Figure 1: Riedel Resources Project Locations
For further information please contact:
Bruce Franzen Jeffrey Moore Executive Director Managing Director Riedel Resources Limited Riedel Resources Limited Tel: 61 8 9226 0866 Tel: 61 8 9226 0866 Email: [email protected] Email: [email protected]
About Riedel Resources Limited
Riedel Resources Limited is an Australian Based exploration Company established to explore for and develop gold and base metals mineralisation in Western Australia. The Company was incorporated on 9 April 2010 as a public company for the purpose of acquiring a portfolio of highly prospective exploration projects located in Western Australia from ADX Energy Limited (formerly AuDAX Resources Limited). Riedel successfully listed on the ASX on 31 January 2011.
Further information can be found on Riedel Resources at the Company’s website www.riedelresources.com.au .
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