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STRIKE RESOURCES LIMITED M&A Activity 2013
65855_rns_2013-08-14_ae3827f4-aa4c-4aba-b186-a57dd1377675.pdf
M&A Activity
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Update on Cuervo Resources and Cerro Ccopane Project
Strike Resources Limited (ASX: SRK, "Strike" or "the Company") confirms it has made a confidential non-binding offer to Cuervo Resources Inc. ("Cuervo"), in respect to certain Peruvian iron ore assets including the Cerro Ccopane project.
As detailed in Strike's ASX release of 30 July in respect of increased Resources at the Cerro Ccopane project, the Company noted both the low level of reported cash reserves for Cuervo and that discussions were being held with Cuervo regarding future funding requirements.
As a result of those discussions, and given Strike's strong financial position, Strike formed the view that enhanced value for Strike shareholders in respect of future developments at Cerro Ccopane might best be achieved by the Company moving to full control of the project.
Consequently the confidential offer was made to Cuervo, limited to assets of the company. Cuervo has since then announced the existence of the offer to the Canadian National Stock Exchange.
Strike will keep the market informed of any future developments with respect to the offer made to Cuervo.
-ENDS-
For further information, please contact:
| Peru: | Australia: |
|---|---|
| William Johnson | Shane Murphy – Media & Investor Relations |
| Managing Director | FTI Consulting |
| Strike Resources | +61 8 9485 8888 |
| Tel: +(511) 715-8090 | +61 420 945 291 |
| [email protected] | [email protected] |
About Strike Resources
Strike Resources is an ASX listed iron ore project developer, focused on the high grade Apurimac magnetite project in Peru.
Apurimac is 100% owned by Strike and has the potential to support the establishment of a 15- 20 Mtpa iron ore operation, based on some of the highest magnetite grades in the world.
In the near term, Strike intends to expand the resource base at Apurimac significantly.
Alongside Apurimac, Strike holds the Cusco Iron Ore Project, and an interest in the Cerro Ccopane project, both of which are also magnetite projects in Peru.
Strike is well funded to meet its objectives, with significant cash in hand to progress the Apurimac project.
247 Major Street, Toronto, ON, M5S 2L5 Canada Tel. 416-203-3957 • Fax 416-203-4197 www.cuervoresources.com
PRESS RELEASE FOR IMMEDIATE RELEASE
CUERVO RECEIVES OFFER TO PURCHASE ALL ITS ASSETS FROM STRIKE RESOURCES LIMITED
August 14, 2013 – Toronto, ON
Cuervo Resources Inc. (CNSX-FE; FWB-CRR; "Cuervo" or the "Company") reports that it has received an offer to purchase all its assets from Strike Resources Limited of Subiaco Western Australia (ASX-SRK; Australian Stock Exchange). The Board of Directors of Cuervo is reviewing and assessing the offer.
For further information, please contact Mr Brian Berner, CEO and a Director of the Company, at 416-203-3957 ext. 201 or Mr Tom Berner, Investor Relations, at 416-203-3957 ext. 202.
Additional information about Cuervo can be found at the Company's website at www.cuervoresources.com.
The Canadian National Stock Exchange (CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.