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YOJEE LIMITED — Capital/Financing Update 2012
Feb 23, 2012
66110_rns_2012-02-23_fad5b015-c0c7-4f00-ae76-6ee0ac88d572.pdf
Capital/Financing Update
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ASX Release
24 February 2012
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
NKOMBWA PROJECT UPDATE
The Directors of Southern Crown Resources Limited (“Southern Crown” or “The Company”) are pleased to provide further encouraging news on progress regarding the improper excision of part of the Nkombwa Hill Project tenement in Zambia.
Southern Crown has the right to earn up to 75% of the Nkombwa Rare Earths Project through a joint venture agreement with African Consolidated Resources Plc (“ACR”). The Nkombwa Project forms part of a large prospecting licence held by a subsidiary of ACR.
On 4 October 2011 Southern Crown reported to the ASX that it had suspended planned exploration drilling on its Nkombwa Project as a consequence of the Nkombwa Hill area having been improperly excised to a third party.
www.southerncrown.com.au
Contact:
Jock Harmer Managing Director T +27 823 239 768 [email protected]
Rhod Grivas Chairman T: +61 419 919 321 [email protected]
Southern Crown is pleased to report that ACR received a letter (‘the Letter’) dated 20 February 2012 from the Acting Director of Mines from the Ministry of Mines and Natural Resources (‘MMNR’) stating that it is of the opinion that ACR holds the sole valid mining right existing over the Nkombwa Hills exploration licence area and that the excision of the Nkombwa Hill area to a third party was invalid as it contravened the provisions of the Zambian Mines and Minerals Development Act of 2008.
Although this is a very positive outcome, resolution of this issue is dependent on a physical change within the registry system. This resolution remains contingent on the lifting of the moratorium on the licensing system announced by the Minister of Mines and Natural Resources on 7 October 2011 to remove irregularities that had accumulated in the licensing system, including the removal of the invalid licence over Nkombwa Hill.
Directors / Officers:
Robin “Jock” Harmer Rhod Grivas Mark Papendieck David Reeves Adrian Hill
Issued Shares and Options:
Shares: 35 million Listed options: 10 million Unlisted options: 5.5 million
ASX Codes: SWR, SWRO
ACR and Southern Crown are focussed on achieving a final resolution as soon as possible, but to the extent that the process is affected by the general moratorium, this is outside the Companies’ control.
Southern Crown has sought a legal opinion on the Letter before it will make a decision to resume exploration activities.
Exploration by Southern Crown in 2011 identified two highly prospective drillready targets of high grade REE mineralisation on Nkombwa Hill. Plans to drill these prior to the summer rains were suspended as a consequence of the tenure uncertainty.
Southern Crown will continue to provide updates on this matter as and when further information becomes available.
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For further information please contact:
Jock Harmer Rhod Grivas Managing Director Chairman [email protected] [email protected] Ph: +27 823 239 768 Ph: +61 419 919 321
About Southern Crown Resources Limited
Southern Crown Resources Limited, named after a prominent arc constellation in the Southern Hemisphere, listed on the ASX on 2[nd] December 2010 with the purpose of acquiring, exploring and developing mineral deposits.
In early June 2011 the Company completed the acquisition of Rare Earth International which holds the Nkombwa and Xiluvo projects located in Zambia and Mozambique respectively. Southern Crown immediately commenced exploration on these projects.
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 Reserves is based on information provided by Dr R.E. “Jock” Harmer, PrSciNat, FGSSA an employee of Southern Crown Resources Limited. Dr Harmer has 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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