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YOJEE LIMITED — Capital/Financing Update 2011
Jun 8, 2011
66110_rns_2011-06-08_21924d94-5603-4ad6-83f0-25a2c823a0ee.pdf
Capital/Financing Update
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ASX Release
9 June 2011
Completion of Rare Earth International Acquisition and Commencement of Exploration Program
Acquisition of Rare Earth International completed
Southern Crown Resources Limited
ABN: 52 143 416 531 Level 1, Suite 2 415 Riversdale Road HAWTHORN EAST VIC 3123 T: (+61) 3 9813 3882 F: (+61) 3 9813 4882 www.southerncrown.com.au
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Contact:
Rhod Grivas Executive Director T: 0419 919 321 [email protected]
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Directors / Officers:
Bruce Fulton Rhod Grivas Mark Papendieck Robin “Jock” Harmer David Reeves Adrian Hill
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Issued Shares and Options:
Shares: 35 million Listed options: 10 million Unlisted options: 6 million ASX Codes: SWR, SWRO
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Director appointments
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Exploration target delineation program commenced
The Directors of Southern Crown Resources Limited ("Southern Crown" or “the Company”) are pleased to announce that the Company has completed the purchase of all the issued capital of Rare Earth International (“ REI ”), a company which has secured two advanced rare earth exploration projects and an application over a third historical mining project.
Since approval by shareholders at a general meeting on 5 May 2011, Southern Crown has worked with the vendors to complete the outstanding conditions and finalise the acquisition. This includes the appointment of Dr Robin “Jock” Harmer as Managing Director and Mr David Reeves as a Non-Executive Director of Southern Crown.
The company is also pleased to announce that the next phase of exploration on its newly acquired Nkombwa Project in north-east Zambia has begun. Geoquest, a geological consultancy based in Lusaka, has been commissioned to provide technical support for the exploration under Southern Crown supervision. The exploration will include mapping and detailed sampling of REE mineralised areas identified during the November 2010 grid-based rock-chip sampling exercise that encountered high grade REE mineralisation. It is expected that the results of this exploration will delineate target areas for subsequent exploration drilling during the third quarter of 2011.
A program of soil drilling at the Xiluvo Project in Mozambique is scheduled to commence in the next 2 weeks. Elevated REE concentrations (with a relatively high HREE contribution) were identified in a patch of eluvial soils flanking the central carbonatite plug during reconnaissance exploration on the complex. Dump and Dune, a long-established South African specialist drilling company, has been commissioned to undertake the drilling.
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For further information please contact:
Rhod Grivas Executive Director Ph: +61 419 919 321
Jock Harmer
Managing Director Ph: +27 82 3239768
About Southern Crown Resources Limited
Southern Crown Resources Limited, named after a prominent arc constellation in the Southern Hemisphere listed on the ASX on 2nd December 2010 with approximately 29.5 million shares on issue.
Southern Crown was formed with the purpose of acquiring, exploring and developing mineral deposits and on 20 December 2010 entered into an agreement to acquire Rare Earth International which is exploring the Nkombwa and Xiluvo projects located in Zambia and Mozambique respectively and has an application over a third project in Burundi. On 5[th] May 2011 the Southern Crown shareholders voted in favour of the acquisition of Rare Earth International.
The Company continues to evaluate additional mineral projects considered likely to add value to shareholders.
The Board of Directors has a strong mix of technical, financial and corporate skills to successfully explore the Company’s existing projects as well as source and develop further acquisition opportunities globally.
Competent Person’s Statement
The information in this report that relates to Exploration Results, Mineral Resources and/or Ore Resrves is based on information provided by Dr R.E. “Jock” Harmer, PrSciNat, FGSSA and compiled by Dr Harmer and Mr R Grivas, MAIG, MAusIMM, for Southern Crown Resources Limited. Dr Harmer and Mr Grivas have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.
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