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Asia Business News

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    Australian Bauxite Ltd (ASX:ABX) provides the Chairman's Address to AGM 2018.

    Welcome to the 9th Annual General Meeting of shareholders of Australian Bauxite Limited ("ABx").

    ABx has supplied to date 78 thousand tonnes of cement-grade bauxite and six thousand tonnes of fertiliser grade bauxite to our repeat customers. ABx remains ready to sell metallurgical grade bauxite when prices improve slightly and/or the Australian dollar exchange rate falls. ABx's range of bauxite products can be sold into Asia, India, Middle East, North America and Australasia, specialising in the low-alkali high late strength cement-grade bauxite market, the trihydrate metallurgical bauxite market, fertilisers and eventually the high-priced refractory-abrasive grade bauxite markets, especially from its recently discovered deposit at Penrose 90kms inland of Port Kembla NSW.

    ABx's deposits are close to infrastructure and population centres which allows us to develop value enhancing technologies as well as bulk-shipping bauxite. Hence, ABx's three priorities are:

    1. Immediate bulk sales to maintain cashflow (our highest priority);

    2. Development of its two significant projects at Binjour QLD and Penrose NSW; and,

    3. Developing technologies which exploit the special qualities of ABx's uniquely clean bauxite that is free of deleterious elements. This technology work has focussed on:

    a. TasTech physical separation of our bauxite into metallurgical grade bauxite and cement-grade bauxite; and,

    b. ALCORE chemical refining of bauxite to produce aluminium fluoride from bauxite as well as co-production of silica fume, Corethane hydrocarbon and other products.

    1. Bauxite Prices

    Last year, ABx reported that prices for metallurgical bauxite for the aluminium industry had been weak for about 18 months. Bauxite prices stabilised and have strengthened slightly in US dollar terms since the 3rd quarter 2017 and currently are sitting around the break-even price for ABx's type of bauxite. The buyers of bauxite for the aluminium industry are aware of this and ABx's marketing team are pressing for increased pricing or we will have to await a weakening of the exchange rate in our favour. The market is in flux at this time.

    Bauxite prices in our other markets, especially cement-grade are solid as infrastructure construction expands and cement manufacturers are seeking ways to increase production tonnages from existing cement plants. ABx has now proven that its bauxite is ideal for maximising the production of low alkali, high late strength cement for infrastructure construction, which is growing strongly and more recession-proof than aluminium.

    2. Sales

    Once a customer converts to ABx's product, repeat sales are likely and ABx was pleased to make another major sale to a repeat customer in late 2017.

    ABx has sold 84 thousand tonnes of bauxite to date in 7 sales of cement bauxite and 8 small, regular sales of fertiliser grade bauxite. ABx has a further 93 thousand tonnes of product stockpiled at Bald Hill and also has sufficient broken ore stocks for next year's sales target.

    3. TasTech Research & Development Bulk Trial at Fingal Rail Minesite

    ABx's "TasTech" is an all-weather technology that is now proven suitable for producing excellent bauxite products for the 3 main markets all year round, namely,

    1. Metallurgical-grade gibbsite bauxite exceeding 45% Al2O3 for the aluminium industry;

    2. Cement-grade bauxite for the production of cement; and

    3. Fertiliser-grade bauxite.

    ABx completed a successful large-scale bulk test of TasTech at the Fingal Rail project in Tasmania, processing 900 tonnes of ore from the Fingal Rail deposit and 100 tonnes of ores from our Bald Hill mine stockpiles in mid 2017. This bulk test confirmed TasTech technology to be a robust, low-cost process that will become the core of ABx's bauxite operations.

    3. ALCORE Bauxite Refining to Produce Aluminium Fluoride

    During the research and development of TasTech technology, ABx encountered a new technology named ALCORE that can produce high-value products from ABx's ultra-clean type of bauxite, including Aluminium Fluoride (AlF3) that is in strong demand from aluminium smelters and for Lithium ion batteries. ALCORE can also produce a pure refined hydrocarbon called Corethane which can be used for electricity generation as a substitute for gas in gas turbine generators; can be an inexpensive substitute for diesel to provide fuel security; and can be sold for many industrial uses.

    The Board of Directors have decided to create a subsidiary called ALCORE Limited to fast-track the development of the ALCORE porject, starting with Stage 1 which will focus on the production of test samples for both potential customers and the prospective providers of loans to build the first production plant. The costs for Stage 1 have reduced substantially since December 2017 to about A$3.3 million and such cost reductions may also apply to the full-scale refinery construction and operations.

    The Board decided to accelerate ALCORE's development so that the ALCORE production plant can commence its sales at about the time that construction is completed of many new aluminium smelters which will be ALCORE's main customers. This way, ALCORE can secure its market share more rapidly during a time of strongly growing demand and thereby deliver returns to shareholders faster.

    A capital raising is well advanced for ALCORE Stage 1 and a detailed presentation was released to the ASX yesterday, Monday 28 May 2018. Response has been very good. I will ask the CEO to present this following this meeting.

    Binjour Project, QLD

    Twelve months ago, ABx commenced discussions with the Queensland Government and with its marketing partner, Rawmin Mining and Industries of India to assess if it was worth conducting feasibility studies for the commencement of a large bauxite project at Binjour in central QLD, 115kms inland from Bundaberg. In December 2017 and during the first Quarter of 2018, ABx conducted a bulk sampling of 2,000 tonnes of bauxite from Binjour and developed representative bulk samples for prospective customers, with an independent expert's report on the results.

    Investigations to date show that there are challenges regarding the logistics of this project, mainly relating to road haulage limitations and work needed at the Port of Bundaberg to allow the use of high volume shipping.

    Nevertheless, Binjour is starting to attract serious interest, especially from alumina refineries in India that are short on bauxite supply whilst they are expanding their refineries. Our marketing partner, Rawmin will be instrumental in securing the customers that will be essential for an early development of Binjour.

    Announcements about progress on the Binjour Project are expected in the near future.

    Exploration - Penrose Discovery, NSW

    In February 2017, ABx discovered a high-grade, low-iron grey-white bauxite at Penrose Pine Plantation some 90kms inland from Port Kembla. Extensions of the deposit have been secured by a new exploration lease and experiments completed to confirm that this deposit has potential to be highly profitable, even at modest tonnage rates, by supplying cement-grade bauxite and high-priced refractory-grade bauxite.

    ABx has formed a working alliance with a trading company that sells refractory grade bauxite and is also in discussions with industries that use such bauxite for manufacturing industrial chemicals, including chemical products used for water purification.

    Safety

    ABx has made the transition from explorer to producer with a zero-incident record and no breaches of the industry-standard safety procedures that had been established at the mine from the outset.

    Environment

    ABx preserves the soil from at the Bald Hill Bauxite Project ready for reinstatement after mining and also eradicates weed infestations in accordance with ABx's policy of best practice on agricultural land. Pit areas that have been mined-out have now been reinstated and successfully returned to sheep grazing and cropping ahead of schedule. This expertise will become a core skill and part of the ongoing research and development for the company.

    Community

    We are thankful for the support of our local communities. We have honoured our policy to only operate where we are welcomed and the growing community acceptance is heartening.

    Future

    We will overcome the market challenges. Sales negotiations are critical and our marketing team are pushing hard to secure successful outcomes from current negotiations.

    We will achieve a dedicated market for our bauxite by developing ALCORE and this will generate a growing income stream for ABx shareholders. We believe we are unlocking value for all shareholders by fast-tracking the development of ALCORE.

    On behalf of the Board of Directors, I thank the ABx staff and supportive shareholders for the hard-won progress and development achieved in 2017 which provides a platform for success in 2018-19.

    Thank you.

    Ian Levy
    CEO and MD
    Australian Bauxite Limited
    Telephone: +61-2-9251-7177
    Mobile: +61-407-189-122

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    Speedcast International Ltd (ASX:SDA) provides the Company's latest Presentation at UBS Conference 2018.

    Speedcast: The Leading Global Remote Communication Provider

    - Critical telecommunications managed services to enterprises and governments in locations where there is limited or no terrestrial network

    - Designs, sources, configures, operates and maintains remote communications networks

    o Satellite is the primary network technology used; we do not own satellites

    o Offers customers a range of value-added services

    o Customer solutions are usually complex and customers demand high levels of support generating "stickiness"

    - Successful execution and integration of a number of acquisitions in the past 5 years. Strong growth experienced since 2012.

    - Business diversified across geography, industry and customer base

    - High recurring revenue base, average contract life of 2-3 years

    To view the full presentation, please visit:
    http://abnnewswire.net/lnk/31MNID52

    Speedcast International Ltd
    T: +61-2-9531-7555
    E: info@speedcast.com
    WWW: www.speedcast.com
    

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    Leigh Creek Energy Limited (ASX:LCK) (OTCMKTS:MRTDF) ("LCK" or "the Company") is pleased to announce that it has received the second of the three Activity Notifications (AN) required to move towards demonstrating gas flow at the Pre-Commercial Demonstration (PCD) stage of the Leigh Creek Energy Project (LCEP).

    - Activity Notification for drilling of ISG Process Wells has been approved

    - Site construction activities commenced and on schedule

    - PCD operations (first gas flow) expected Q3 2018

    Managing Director's comments

    LCK Managing Director Phil Staveley commented: "Site construction mobilisation activities commenced immediately after approval of the first AN, and are on schedule. LCK and its drilling contractor will now commence drilling the ISG Process Wells, and progress towards planned gas operations in quarter 3 2018, unlocking a significant energy resource in South Australia."

    Activity Notification process

    Following approval of the Statement of Environmental Objectives (SEO) for the LCEP PCD on 19 April 2018, the Company submitted each of the three AN submissions to the Regulator.

    AN's are required to advise the Regulator of the specific activities that will be undertaken under the framework of the SEO. The ANs submitted are for the following activities:

    1. PCD Aboveground plant construction APPROVED

    2. PCD Process well drilling APPROVED

    3. PCD Operations including operating, decommissioning and monitoring

    LCK and its contractors were able to commence activities for the assembly of PCD modules and supporting services and equipment immediately after approval of the first AN. This schedule is on target and is expected to take approximately 8 weeks to complete from approval.

    With the AN for Process Well Drilling now received, three process wells will be drilled to service the underground ISG chamber. This is a scheduled 4-5 week activity that will commence immediately and is concurrent with other site operations.

    Production of First Gas

    Once the final AN has been obtained the PCD can be operated, representing first gas flow at Leigh Creek.

    Summary

    The PCD approval and operations are significant milestones in LCK's progress to commercialisation.

    LCK is progressing toward its immediate objective of demonstrating gas flow from its 2,963.9PJ 2C resource, with a portion of its 2C resource expected to be upgraded to a 2P reserve.

    Current and expected progress is represented in the following graphic (see link below).

    Over the coming weeks we will regularly advise our shareholders and the market of our progress and the anticipated date of first Gas Production as well as other important announcements.

    Reappointment of Executive Chairman

    The Company is also pleased to announce that it has reappointed its Executive Chairman, Justyn Peters. The Board is very pleased that Mr Peters will continue in his current role at the Company. The reappointment of Mr Peters is ongoing with no fixed term. The key terms of his contract remain unchanged.

    To view figures, please visit:
    http://abnnewswire.net/lnk/9JZZ094X

    Tony Lawry
    Corporate and Investor Relations
    Leigh Creek Energy Limited
    T: +61-412-467-160
    E: tony.lawry@lcke.com.au

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    Environmental Clean Technologies Limited (ASX:ESI) (ECT or Company) is pleased to announce that the NLC and NMDC Boards have provided their endorsed documents for execution of the final Project Agreement at the scheduled signing ceremony in Canberra on 30 May 2018.

    Key points:

    - NLC and NMDC Board meetings held yesterday (28 May 2018) endorsed documentation ahead of signing in Canberra this week.

    - The Project Agreement sets out the pathway for achieving project financial close, with a target to conclude by 30 July 2018.

    - Detailed project sub-agreements to be tabled at project review session.

    NLC and NMDC Board approvals

    On 28 May 2018, ECT was informed that the respective NLC and NMDC Boards have provided their final endorsement of the Project Agreement document to be signed in Canberra this week.

    ECT Chief Operating Officer Jim Blackburn commented "ECT were very pleased to receive confirmation last night that the Project Agreement has cleared all formal channels ahead of the ceremony in Canberra this week.

    "Whilst largely a formality, it is very important that we take this further and formal endorsement is a key sign of commitment and support from the full Board of Directors of the project partners. Each of the Boards are comprised of functional Directors who will be responsible for the project implementation, as well as the Government representative Directors who are appointed from the relevant Ministries".

    "From our team's perspective, to have this clear and direct meeting of minds with some of the most senior positions of these Indian Government Public Sector Undertakings, reminds us that as we commence the project formally this week, we are operating with all the necessary authority and purpose to make this a successful project".

    Agreement Structure

    As previously reported, the Project Agreement to be signed in Canberra this week sets out the agreed terms which have been transposed to a set of detailed sub-agreements. These include a Master Technology Licence Agreement, Tripartite Collaboration Agreement and NLC, NMDC and ECT Services Agreements.

    Jim Blackburn commented further "In parallel to the signing of the Project Agreement, ETC will be presenting to our partners the detailed sub-agreements for the first review session tomorrow evening. We expect that having created a clear path for the project to now proceed, we can move through the planning and administrative phase with confidence to meet our planned timeframes for financial close".

    "Over the next 4 to 8 weeks, NLC, NDMC and ECT will finalise and execute these detailed agreements to give full effect to the principles set out in the Project Agreement."

    "The strategy we have employed for development of Project Agreement and detailed sub-agreements places significant focus at the front end of the process to ensure all parties are clear about the structure and funding arrangements."

    Tripartite Collaboration Agreement

    The Integrated Pilot Plant Project will be undertaken by the parties on the basis of a research and development collaboration (R&D Collaboration) through an unincorporated association. The Collaboration Agreement has taken the legal and financial structures from the Project Agreement and complemented these with the necessary detailed terms and conditions to be executed as a Deed between the parties (Tripartite Collaboration Agreement). This document will form the central contract around which the other agreements can then operate.

    Master Technology Licence Agreement

    The licensing and future development of Intellectual property is central to the operation and objective of the Pilot Plant project. As such ECT, NLC, and NMDC will now enter into the Master Technology Licence Agreement within which ECT grants to the R&D Collaboration (and subsequently to the Special Purpose Vehicle (SPV)) the licence to develop the pre-existing intellectual property. The consideration for the licences granted by ECT is reflected in its participating interest in the R&D Collaboration and thereafter in the respective equity share which ECT will receive in SPV.

    Services Agreements

    As set out in the Project Agreement, ECT, NLC and NMDC will each enter into a services agreement with the R&D Collaboration under which, for an agreed service fee paid from the project funding, each will be responsible for providing services including but not limited to following:

    NLC Services - land, lignite, electricity, water, waste disposal, research and development support services and access to suitable company representatives to support the proposed governance and management arrangements.

    NMDC Services - iron ore, research and development support services and access to suitable company representatives to support the proposed governance and management arrangements.

    ECT Services - project management support services, engineering support services, research and development support services and access to suitable company representatives to support the proposed governance and management arrangements, including commissioning and operations support.

    About Coldry

    When applied to lignite and some sub-bituminous coals, the Coldry beneficiation process produces a black coal equivalent (BCE) in the form of pellets. Coldry pellets have equal or superior energy value to many black coals and produce lower CO2 emissions than raw lignite.

    About MATMOR

    The MATMOR process has the potential to revolutionise primary iron making.

    MATMOR is a simple, low cost, low emission production technology, utilising the patented MATMOR retort, which enables the use of cheaper feedstocks to produce primary iron.

    About the India R&D Project

    The India project is aimed at advancing the Company's Coldry and Matmor technologies to demonstration and pilot scale, respectively, on the path to commercial deployment.

    ECT has partnered with NLC India Limited and NMDC Limited to jointly fund and execute the project.

    NLC India Limited is India's national lignite authority, largest lignite miner and largest lignite-based electricity generator.

    NMDC Limited is India's national iron ore authority.

    Glenn Fozard
    Chairman
    Environmental Clean Technologies Ltd
    E: info@ectltd.com.au
    WWW: www.ectltd.com.au

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    Oventus Medical Ltd (ASX:OVN) is pleased to announce positive interim data being presented today in a lecture at Macquarie University on a group of hard-to-treat obstructive sleep apnoea (OSA) patients, who were studied in a sub-group as part of the ongoing "NeuRA Sydney study".

    Key points:

    - Oventus' newly developed "ExVent" PEEP valve technology trialled in conjunction with Oventus' O2Vent(TM) oral appliance as part of the ongoing NeuRA Sydney clinical study

    - ExVent moderates breathing exhalation and was shown to further reduce sleep events in failed CPAP users and difficult to treat obstructive sleep apnoea patients, when used in combination with Oventus' O2Vent(TM) oral device

    - Addition of Oventus' ExVent PEEP valve technology resulted in a statistically and clinically significant improvement in sleep apnoea severity (number of obstructive sleep events) from baseline of 49% (p
    - 54% (7 of 13 patients) achieved a 50% reduction in apnoea-hypopnea index (AHI) to below 10 sleep events per hour from baseline when using Oventus O2Vent(TM) with ExVent valve technology added, recognising those patients' OSA as having been successfully treated

    - It is estimated that with the "ExVent" PEEP valve add-on accessories, over 75% of patients with all treatment severities may be able to be treated with O2VentTM plus newly developed ExVent valve technology without the need for CPAP

    - The Oventus patented "ExVent" valves fit into, or onto, the "duckbill" of O2VentTM devices and allow easy inhalation for the patient while increasing pressure on exhalation. It is this additional pressure - expired positive air pressure (EPAP) - which helps keep the patient's airway open

    - This data further enhances Oventus' key objective of providing compelling treatment options for all OSA patients, including those that would normally be treated with CPAP

    - The first of these add on accessories is due to come to market in 4Q CY2018

    Researchers studied 13 patients who had failed previous treatment with oral appliances and / or CPAP. This group of patients was treated using "Oventus Airway Technology" with the O2VentTM oral appliance in combination with Oventus' ExVent oral EPAP valve with or without the addition of a nasal EPAP valve (in late stage development).

    Addition of Oventus' ExVent PEEP valve technology resulted in a statistically and clinically significant improvement in sleep apnoea severity (number of obstructive sleep events) from baseline of 49% (p
    Previous studies have shown that our O2VentTM devices alone, can successfully treat at least 53% of patients. With "ExVent" PEEP valve technology added in, this treatment success has increased significantly, estimated to be over 75%. This extension of Oventus' "Sleep Treatment Platform" represents a major clinical benefit to the many patients, up to 80% of OSA sufferers, that are currently out of care due to limitations with existing treatment options.

    Oventus' Founder and Clinical Director, Dr Chris Hart said, "Previous results from Oventus-led clinical trials have shown that the existing O2VentTM device successfully treats at least 53% of patients. If we combine our trial results, we can see that across our whole Oventus Sleep Treatment Platform of O2VentTM devices and add on accessories, 78% of patients across the full spectrum from mild to severe OSA, may able to be treated using our devices without the need for CPAP.

    Since we know that there are such problems with patients adhering to CPAP, we've been driven to offer an alternative, and these results point to the fact that our technology really can be gamechanging for the treatment of sleep apnoea. We plan to build upon these results with further clinical studies."

    NeuRA study leads to expanded Sleep Treatment Platform for the treatment of more OSA patients

    Today's study findings are from the Federal government funded CRC-P project titled: "Targeted therapy for sleep apnoea: A novel personalised approach" of which Oventus and NeuRA are key participants.

    These results have been released in follow up to Oventus' announcement on 22 May 2018 that through the OVEN-003 Brisbane clinical trial, the "Oventus Airway Technology" had been found to increase the number of patients that respond to traditional mouthguards (jaw advancement therapy / mandibular advancement splints) by 40%. While that finding was significant and increases the reach of oral appliance therapy as a stand-alone treatment, today's results show a dramatic improvement on this, rising to over 75% with addition of the newly developed "ExVent" valves.

    About the Oventus ExVent PEEP valve and O2Vent(TM) Connect - CPAP interface add on accessories As part of the CRC-P project entitled Targeted therapy for sleep apnoea: A novel personalised approach, Oventus has been developing the O2VentTM - CPAP Connect interface, an ultra-low pressure, mask-free continuous positive air pressure (CPAP) interface, which previous clinical trial work has shown may eliminate the need for full face masks and straps.

    In the process of developing the Oventus O2VentTM Connect - CPAP interface, a peak end expiratory pressure (PEEP) valve was developed to manage exhalation through the device while delivering nasal CPAP (nCPAP). Today's results now show that using these valves in conjunction with "Oventus Airway Technology" (without CPAP) is generating results equivalent to CPAP in the majority of patients in the NeuRA valve trial that have failed to respond to, or adhere to, CPAP and oral appliance therapy. These add on accessories to the O2VentTM build out Oventus' Sleep Treatment Platform.

    The ExVent PEEP valve is the white oval pictured above which sits inside the "duck bill" of the Oventus O2VentTM device. It directs "back pressure" into the throat, acting as a virtual mini CPAP within the device, without the need for additional, machine-pumped oxygen (CPAP).

    The first of these valves, the "Oventus ExVent" is expected to be in market by 4Q CY18 in both Australia and North America.

    Further information can be found on our website: http://oventus.com.au/how-it-works/

    About the NeuRA study and the $2.95m AusIndustry-funded CRC-P project: Targeted therapy for sleep apnoea: A novel personalised approach

    The NeuRA study is being conducted as part of the $2.95m AusIndustry-funded Cooperative Research Centres Programme project, entitled project titled, "Targeted therapy for sleep apnoea: A novel personalised approach". The project aims to improve the efficacy, compliance and monitoring of sleep apnoea therapy using a tailored suite of treatments to suit the needs of the individual patient.

    The range of therapies to be used, singularly or in combination, include oral appliances (with mandibular advancement and an airway) - with or without a positive airway pressure machine (with reduced pressure and air flow), supplemental oxygen delivery and/or a sleep consolidation aid.

    Oventus Medical is the lead participant together with Medical Monitoring Solutions Pty Ltd, Neuroscience Research Australia (NeuRA), Western Sydney University (WSU) and the CSIRO.

    To view figures, please visit:
    http://abnnewswire.net/lnk/480KY314

    Mr Neil Anderson
    Managing Director and CEO
    M: +61-403-003-475
     
    Jane Lowe
    IR Department
    M: +61-411-117-774 or 
    E: jane.lowe@irdepartment.com.au

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    White Cliff Minerals Limited (ASX:WCN) ("White Cliff" or the "Company") is pleased to report a new JORC code compliant inferred gold and copper mineral resource for the Aucu Project in north-west Kyrgyz Republic.

    Highlights

    - New Inferred Gold Resource of 2.95Mt at 5.1 g/t gold for 484,000 ounces of gold

    - New Inferred Copper Resource of 17.2Mt at 0.37% copper for 64,000 tonnes of contained copper

    - Exploration recommences

    Mining industry consultant Optiro Pty Ltd (Optiro) has estimated an updated JORC code compliant inferred mineral resource reported at a lower cut-off grade of 1 g/t gold for the Aucu deposit of 2.95 million tonnes grading 5.1 g/t gold containing 484,000 ounces of gold.

    The new mineral resource represents a 60% increase in ounces of contained gold over the previous gold resource of 302,000 ounces reported in April 2017.

    Optiro has also estimated an updated JORC code compliant inferred copper mineral resource, reported at a lower cut-off grade of 0.25% copper for the Chanach Copper deposit 17.2 Mt tonnes at 0.37% copper for 64,000 tonnes of contained copper.

    The new inferred copper resource represents a 46% increase in contained copper over the previous contained copper resource of 44,870 tonnes reported in April 2017.

    As previously reported, the gold and copper inferred resources start at surface, have only been shallowly drilled in most areas and remain open along strike and at depth. The reported gold resources represent less than 5% of mineralised faults identified by rock-chip sampling within the Aucu Project tenements to date.

    Approximately 95% of the mineralised faults identified by rock-chip sampling are still to be drilled. The gold bearing mineralised structures extend beyond the current resource estimate area over a length greater than 3,000 metres and occur as multiple lodes (see Figure 1 in link below).

    The Company has recommenced exploration with the establishment of the field camp and is currently conducting an extensive soil geochemical survey to refine gold, copper and lead-zinc anomalies identified last year and to test more of the prospective areas of the licence.

    Managing Director Todd Hibberd commented that "The 60% increase in the JORC code compliant inferred gold resource from 302,000 ounces to 484,000 ounces based on a small drilling program indicates just how prospective the project actually it. The 46% increase in the copper resource from 43,000 tonnes to 64,000 tonnes of contained copper also demonstrates that there is more mineralisation to find. In addition, the soil geochemical program conducted in 2017 identified several new gold, copper and base metal anomalies that are currently being followed up.

    The quality of the current resource combined with the rock chip and soil geochemical sampling of the extensive mineralised systems shows that the Aucu gold project has significant potential for substantially more gold and copper resources to be identified from further drilling."

    Resource Estimate: Aucu Gold Deposit

    The updated Inferred Mineral Resource reported in compliance with the JORC code for the Aucu gold deposit reported above a cut-off grade of 1 g/t gold consists of 2.95 Million tonnes grading 5.1 g/t gold for 484,000 ounces of contained gold. The new resource represents a 60% increase in contained gold over the previously reported April 2017 inferred gold resource. Table 1 (see link below) provides a breakdown of the updated resource estimate by area.

    The project also contains an updated inferred resource for the Chanach copper deposit which consists of 17.5 Million tonnes grading 0.37% copper for 64,000 tonnes of contained copper (reported above a cut-off grade of 0.25% copper) (see Table 2 in link below). The new copper resource represents a 46% increase in contained copper over the previous contained copper resource of 44,870 tonnes reported in April 2017.

    Exploration and Drilling Program - 2018

    The Company has recommenced exploration with establishment of the field camp and is currently conducting an extensive soil geochemical survey to refine gold, copper and lead-zinc anomalies identified last year and to test more of the prospective areas of the license. The Company will release a formal exploration update once this sampling is completed.

    To view tables and figures, please visit:
    http://abnnewswire.net/lnk/EEC49RK2

    Todd Hibberd
    Managing Director
    T: +61-8-9321-2233
    E: info@wcminerals.com.au
    W: www.wcminerals.com.au
    
    

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    Goldfields Money Limited (ASX:GMY) ("Goldfields Money" or the "Company") is pleased to announce that, following recent reforms to Section 66 of the Banking Act 1959, Goldfields Money is now able to refer to itself as a bank in Australia. Until now, the Company has been designated an authorised deposit-taking institution or ADI, with customers benefitting from the Australian Government Deposit Guarantee.

    In the reforms to Section 66 of the Banking Act 1959, the Federal Government has allowed authorised deposit-taking institutions, such as Goldfields Money, to use the word "bank" and its related expressions in reference to our banking business in Australia without restriction.

    Goldfields Money has recently launched its new digital banking platform, while working hard over the last two years to improve the quality of our service offering and provide a banking platform that is leading edge, highly scalable and one that offers significant benefits to our customers.

    Goldfields Money's CEO and Executive Director, Simon Lyons, said "We are very pleased with the legislative reforms that now allow us to be recognised as, and to promote ourselves as, a bank in Australia. It has been frustrating in the past that, although we offer the same services as other banks, we have not officially been allowed to refer to ourselves as a bank."

    "With the roll-out of the new banking platform now complete, we are pleased to be in a position to market ourselves officially as a digital bank to a wider customer base who are used to dealing with banks and their products via the internet or by using an app on their smart phones."

    Investor / Media Enquiries
    Simon Lyons
    Executive Director & CEO
    Goldfields Money
    slyons@goldfieldsmoney.com.au
    Ph: +61-8-9438-8888
    M: +61-417-178325
    
    Andrew Rowell
    Director - Investor Relations
    Cannings Purple
    arowell@canningspurple.com.au
    Ph: +61-8-6314-6314
    M: +61-400-466-226

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    MMJ PhytoTech Limited (ASX:MMJ) ("MMJ") notes the attached announcement (see link below) by Harvest One Cannabis Inc. (CVE:HVT) ("Harvest One") that its wholly owned subsidiary, United Greeneries, has entered into a five-year lease agreement, with three five year renewal options, for a mainland site ("The Aldergrove Site") that will meet all previous announced capacity targets.

    The Aldergrove Site will allow Harvest One to begin construction by the end of August 2018. The facility has a fully built 30,000 square foot building that will be used as the cultivation area and requires minimal renovations, which will allow for a rapid build out of the facility. The entire facility is comprised of over 59,000 square feet and will likely exceed the previously announced capacity target of 8,000kg of cannabis per annum.

    To view the announcement, please visit:
    http://abnnewswire.net/lnk/Q2M9G56Q

    Investor and Media Enquiries:
    Jason Conroy
    Chief Executive Officer
    T: +61-2-8098-0819
    E: jconroy@mmjphytotech.com.au

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    WiseTech Global (ASX:WTC) (OTCMKTS:WTCHF) today announced the acquisition of SaaS Transportation, a specialist US transport management solutions provider for Less Than Truckload (LTL) shipping.

    SaaS Transportation provides LTL and logistics transportation management solutions to third party logistics companies and shippers with integrated quoting, booking and tracking. SaaS Transportation also offers a specialist LTL freight rating engine with connections to LTL carriers including FedEx Freight, Con-way Freight/XPO Logistics, Day & Ross Freight, Old Dominion Freight Line, UPS Freight and YRC Freight.

    WiseTech Global Founder and CEO, Richard White, said "The US road transport industry within the 'Less than Truckload' sector is a sizeable market. Adding specialist provider SaaS Transportation, which has connections to over 70 US LTL carriers, valuable market knowledge and US LTL road rate capabilities, to the WiseTech Global group fits into our adjacency acquisition strategy and will extend our road booking and road rates offering to our customer base."

    SaaS Transportation's Managing Director, Ken Pehanick, said "We are pleased to join the WiseTech group as it brings to us a global infrastructure and significant innovation capacity that will help us accelerate our product development and expand our customer reach."

    Remaining under the leadership of Ken Pehanick, SaaS Transportation will continue to develop and deliver its LTL shipping solutions directly to its US customers, and potentially to the 7,000 logistics providers across the world who utilise WiseTech's integrated supply chain execution solutions.

    CargoWise One enables logistics service providers to execute highly complex transactions in areas such as freight forwarding, customs clearance, warehousing, shipping, tracking, land transport, ecommerce, and cross-border compliance and to manage their operations on one database across multiple users, functions, countries, languages and currencies.

    This transaction follows WiseTech's other recent logistics solutions acquisitions in France, Belgium, Ireland, North America, Australasia, Italy, Germany, Turkey, the Netherlands, Argentina, Brazil, Uruguay and Taiwan, and is in line with WiseTech Global's clearly stated strategy of accelerating long-term organic growth through targeted, valuable acquisitions.

    About SaaS Transportation Inc.

    Founded in 2011, SaaS Transportation provides LTL and logistics transportation management solutions to third party logistics companies and shippers with integrated quoting, booking and tracking. SaaS Transportation also offers a specialist LTL freight rating engine with connections to LTL carriers including FedEx Freight, Con-way Freight/XPO Logistics, Day & Ross Freight, Old Dominion Freight Line, UPS Freight and YRC Freight.

    With a team of five experienced road transport and technical professionals, SaaS Transportation provides TMS to 3PLs, freight payment companies, shippers and carriers. Leading US 3PL customers include R2 Logistics, NFI, Redwood Logistics, Cardinal Logistics Management, Sunteck/TTS and Pepsi Logistics.

    SaaS Transportation is a member the Transportation Intermediaries Association, Logistics & Transportation Association of North America and the SMC3 alliance, where Ken Pehanick serves on the Education Advisory Committee.

    For more information about SaaS Transportation, visit http://www.saastransportation.com

    Media
    Piers Shervington
    T: +61-404-538-177
    E: piers.shervington@wisetechglobal.com

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    White Rock Minerals Ltd (ASX:WRM) ("White Rock" or the "Company") is pleased to announce that field crews have commenced on ground assessment of recently identified regional exploration targets at its globally significant(see Note below) 100% owned high-grade zinc VMS project at Red Mountain in Alaska.

    Leading into the 2018 field season, White Rock identified a number of high priority VMS targets outside the known high-grade zinc - silver - lead - gold VMS deposits at Dry Creek and West Tundra (refer ASX Announcement 13 September 2016 "White Rock identifies multiple zinc-silver VMS targets"). These high priority VMS targets are conductors located within zones of anomalous surface geochemistry that are indicative of proximal VMS mineralisation.

    The VMS targets were identified utilising an assessment done by Dr Jim Franklin, a recognised global VMS expert, of existing surface geochemical data, in conjunction with a detailed interpretation by Condor Consulting, Inc., recognised experts in the field of airborne electromagnetics ("EM"), of an existing EM and magnetics survey.

    Both Dr Franklin and Condor were able to use the known deposits at Dry Creek and West Tundra Flats to calibrate their assessment of the regional data. The resulting geochemistry assessment prioritises the Dry Creek West, ReRun, West Tundra, Rod, Smog and Glacier target areas as highly prospective for additional VMS deposits (see Figure 1 in link below), and Condor identified a number of high priority conductors as having the potential of being caused by massive sulphide mineralisation (see Figure 2 in link below). The highest priority conductors are located within the geochemical target areas, some of which are coincident with strong base metal and precious metal anomalies from historic sampling (Conductor 1 to 30).

    Field crews have now commenced their field assessment at the highest priority targets with the intention of undertaking mapping and surface sampling prior to selecting targets for drill testing throughout the 2018 campaign (see Figures 3 and 4 in link below).

    Field crews have already been able to assess conductivity targets 2, 3, 4, 5, 6, 8 & 9 as well as the associated proximal soil geochemical anomalies. Detailed mapping and sampling of prioritised prospects will now commence ahead of drill testing. It is anticipated a handheld XRF will be utilised to rapidly validate the location and tenor of historic surface zinc, lead, silver and copper anomalism prior to locating drill holes to test the new targets, without the need for samples to be submitted to the laboratory and subsequent long lead time to surface geochemistry results.

    Note: Refer ASX Announcement dated 26 September 2017 "White Rock Minerals Independent Research Report".

    To view figures, please visit:
    http://abnnewswire.net/lnk/8605WDNL

    For further information, contact:
    
    Matthew Gill or Shane Turner
    Phone: +61-3-5331-4644
    info@whiterockminerals.com.au
    www.whiterockminerals.com.au

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    Mithril Resources Ltd (the "Company") (ASX:MTH) has prioritised two nickel targets on its 100%-owned Kurnalpi Project (located 70 kms north east of Kalgoorlie, WA - see Figure 1 in link below) for drill testing and ground EM geophysical surveying.

    The work program will be funded from the proceeds of the Company's current Share Purchase Plan (Closing Date of Monday 18th June 2018 - see ASX Announcement dated 18 May 2018) and is scheduled to commence in late June 2018.

    - Two nickel targets prioritised for drill testing and EM geophysics

    - Targets comprise an undrilled strong downhole EM conductor adjacent to existing nickel sulphides and a further 7 kilometres of prospective ultramafic highlighted by elevated nickel and cobalt in historic RAB / aircore drilling

    - Work scheduled to commence late June 2018

    Management Comment

    Mithril's Managing Director Mr David Hutton said the Company was looking forward to testing the targets.

    "At Kurnalpi we are exploring for Kambalda - style massive nickel sulphide mineralisation, and the recognition of nickel sulphides in our last round of drilling was a critical positive development in the project's journey to discovery".

    "The undrilled strong late-time EM conductor adjacent to existing nickel sulphide mineralisation within prospective ultramafic rocks is a compelling target that will be drilled as soon as possible".

    "Additionally, the nickel prospectivity of the area is strengthened by having a further 7 kilometres of ultramafic with indications of nickel, cobalt and copper. Given a lack of previous geophysical surveying over the prospective rocks, we will carry out EM geophysics as part of the proposed program which we expect will generate further targets for drill testing".

    "We look forward to the EM geophysics and drilling to commence as soon as the Share Purchase Plan is completed in late June".

    High-priority drill target

    Drilling undertaken by Mithril at the northern end of the project (in March 2018) confirmed the presence of nickel sulphide mineralisation with a 4-metre zone of gossanous weathered ultramafic and several other narrow intervals of disseminated nickel sulphide mineralisation intersected beneath a flat-lying zone of near-surface nickel - cobalt mineralisation.

    Subsequent downhole EM geophysical surveying identified a strong off hole conductor lying adjacent to the sulphide mineralisation at approximately 150 metres depth (See ASX Announcement dated 20 April 2018).

    The south-plunging conductor (85m wide x 500m long / CT of 3,400S / visible at late times: Ch.36 - 200msec) has not been drill tested and lies within an interpreted shear zone that marks the eastern edge of the ultramafic unit that hosts the nickel sulphide mineralisation (see Figures 2, 3, 4 and 5 in link below).

    The strength of the conductor is consistent with what could be expected from semi to massive sulphides and given its proximity to existing nickel sulphide mineralisation, is considered to be a high priority drill target.

    Up to three Reverse Circulation holes (750 metres in total) will be drilled as an initial test of the EM conductor and the gossan / disseminated sulphide intercepts. Statutory approvals to conduct the drilling have been received.

    High-priority geophysical target

    As shown on Figure 2(see link below), the prospective ultramafic also continues south along strike from the nickel sulphides and EM conductor for over 7 kilometres within Mithril's tenements.

    While the southern area is relatively poorly explored, several wide-spaced shallow RAB / aircore drilling undertaken in the mid 1990's has intersected strongly anomalous levels of nickel +/- cobalt and copper with no follow-up, i.e.;

    - 20m @ 0.69% nickel, 0.07% cobalt from 32 metres in KURA50 including 8m @ 0.96% nickel, 0.09% cobalt from 36 metres,

    - 15m @ 0.90% nickel, 0.08% cobalt from 9 metres in KURA69 including 7m @ 0.99% nickel, 0.13% cobalt from 10 metres,

    - 2m @ 0.15% nickel, 0.09% cobalt from 24 metres in KURA451 (hole ended in mineralisation),

    - 8m @ 0.07% nickel, 0.02% cobalt, 0.15% copper from 18 metres in KURA99, and

    - 20m @ 0.21% nickel, 0.03% cobalt from 24 metres in KURA297.

    The elevated nickel and cobalt in the drill holes is characteristic of weathered ultramafic rock types while the presence of elevated copper is potentially an indication of magmatic nickel sulphide mineralisation at depth.

    Collectively the results highlight the nickel prospectivity of the southern extensions of the ultramafic and make it a priority target for follow-up.

    Moving Loop ground EM geophysics will be undertaken over the area to define specific targets for drill testing.

    To view tables and figures, please visit:
    http://abnnewswire.net/lnk/272SG743

    Mithril Resources Ltd
    David Hutton
    Managing Director
    E: admin@mithrilresources.com.au
    T: +61-8-8132-8800
    F: +61-8-8132-8899
    www.mithrilresources.com.au

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    Alt Resources Ltd (ASX:ARS), (Alt or 'the Company') is pleased to announce further results from the RC drilling program undertaken at the Emu deposit and the final 3 holes at Southwark deposit, Bottle Creek Gold Project, WA. Recent drilling at the Emu deposit covered 600 metres of strike length and the drilling at the Southwark deposit covered 300 metres of strike length indicating the scale and quality of this project.

    HIGHLIGHTS:

    - High grade gold intercepts continue from the Emu and Southwark deposits

    - Deeper holes confirm continuity of mineralisation at depth beneath Emu deposit

    - Significant intercepts from South Emu mineralised zone include:

    o 20m @ 3.4 g/t Au, including 3m @ 8.1 g/t Au and 3m @ 9.6 g/t Au from 63m

    o 4m @ 3.8 g/t Au from 67m

    o 9m @ 3.7 g/t Au, including 4m @ 6.7 g/t Au from 34m

    o 5m @ 3.9 g/t Au from 84m

    o 14m @ 2.9 g/t Au, including 7m @ 5.1 g/t Au from 26m

    o 7m @ 2.7 g/t Au, including 1m @ 7.0 g/t Au from 84m

    o 17m @ 2.4 g/t Au, including 7m @ 4.4 g/t Au from 27m

    o 8m @ 1.9 g/t Au from surface

    o 17m @ 1.8 g/t Au, including 7m @ 2.0 g/t Au from 38m

    o 10m @ 1.8 g/t Au from 42m

    o 9m @ 1.7 g/t Au from 108m

    o 18m @ 1.6 g/t Au, including 4m @ 6.1 g/t/ Au from 60m

    o 9m @ 1.5 g/t Au, including 3m @ 3.7 g/t Au from 61m

    o 16m @ 1.3 g/t Au from 56m

    o 29m @ 1.2 g/t Au from 31m

    o 20m @ 1.1 g/t Au from 92m

    o 13m @ 1.1 g/t Au from 106m

    - Final 3 RC holes at Southwark confirm depth potential, including:

    o 5m @ 9.1 g/t Au from 79m

    o 16m @ 3.0 g/t Au from 92m

    o 8m @ 1.3 from 59m

    o 10m @ 1.2 g/t Au 79m to EOH

    - Mineralised zones open and widening at depth and appear open to the north and south

    - 5 new diamond holes completed at Emu and Southwark for a total of 730m

    - 9 diamond tails completed to close out holes that ended in mineralisation for a total of 193m

    Emu and Southwark are un-mined deposits that lie approximately 4 km to the north of the VB and Boags open pits (see Figure 1 in link below). The final 3 holes at Southwark continue to reveal a coherent, steeply dipping ore zone which appears to be open and broadening at depth. Gold assays have been received from drillholes SWKRC042 to SWKRC044, completing the current round of RC drilling results for the Southwark deposit.

    Results from RC drilling in the southern part of the Emu deposit includes holes EMRC039 to EMRC071, for 3020m. All significant assayed results are listed in detail in Table 1 (see link below).

    The mineralised zone at Emu continues to be characterised by broad, consistently graded zones such as 20m @ 3.4 g/t Au(see Note 1 below) and 14m @ 2.9 g/t Au(see Note 2 below). Mineralisation appears to be concentrated along the sheared margin of a felsic quartz porphyry intrusion where it contacts a black shale interbedded with mafic volcanics. Cross-sections (see Figure 3-3 in link below) reveal that mineralisation remains open at depth throughout the southern half of the Emu deposit. This is consistent with findings for elsewhere at Emu, and also at Southwark.

    At Southwark, mineralisation appears to be widening with depth, whilst maintaining medium to high grade gold values (see Figure 6 in link below and as previously announced-see Note 3 below). A number of Alt's holes at Southwark were ended in mineralisation. The Company has recently completed several diamond tails extending the most significant of these holes at Southwark. Core from these holes is being cut for despatch to ALS in Kalgoorlie. This deeper, broader zone will be subject to continued drilling, both RC and diamond, as the project develops.

    In addition to drilling activities, Alt staff have digitised and validated the extensive historical drilling data for the Bottle Creek Project. Figure 1 (see link below) shows the historical drilling across the entire strike length of the project and the recent drilling undertaken by the Company (shown in red). These are overlaid on historical airborne magnetic imagery at Bottle Creek with an inset showing the detail of drilling and structural complexity (evident in the magnetic imagery) at Emu and Southwark.

    High resolution airborne magnetic data flown by Newcrest Mining Ltd in 1995 and the Geological Survey of Western Australia in 2013 clearly shows the mineralised zones (represented as proxy by drill collar locations) as being on the eastern side of the magnetic lineament running the entire 11 kilometre strike length of the Bottle Creek Gold Project. Bottle Creek's high grade gold mineralisation is predominantly hosted in a carbonaceous shale unit interbedded with mafic volcanics, located on the margin of a felsic quartz porphyry intrusion. As part of ongoing exploration, Alt will be implementing initial baseline moving loop EM surveys across the recently drilled Emu and Southwark deposits testing the responses from the shale. If successful, ground-based EM will be an optimal method in identifying shale horizons up and down strike for future drilling programs.

    Additionally, Alt is undertaking a structural geological review of the wider region in order to identify cross cutting structures and splays visible in the magnetics for future drill targeting. The northern end of the Mt Ida shear is a significantly underexplored region with very few diamond holes drilled at depth.

    As part of ongoing exploration, the Company has commenced Aircore drilling across the Bottle Creek tailings dams. The 2 tailings dams are approximately 300 x 300 and 400 x 400 metres respectively and contain gold and silver from the historical mining cycle undertaken at Bottle Creek in 1988. The tailings dams are estimated to contain 1.2M cubic metres of tailings soil from the original processing plant at the Bottle Creek gold mine, generated during 1988-1989 operations.

    Significant gold intercepts from Alt's continued drilling at the un-mined Emu deposit are listed in detail in Table 1 (see link below), and include:

    - EMRC039: 8m @ 1.9 g/t Au from 0m (surface)

    o and 1m @ 3.5 g/t Au from 18m

    - EMRC040: 1m @ 2.64 g/t Au from 46m

    - EMRC041: 4m @ 3.8 g/t Au from 67m

    - EMRC042: 1m @ 2.8 g/t Au from 29m

    - EMRC043: 29m @ 1.2 g/t Au from 31m

    - EMRC044: 1m @ 5.1 g/t Au from 48m

    o and 9m @ 1.5 g/t Au from 61m

    o including 3m @ 3.7 g/t Au from 61m

    - EMRC045: 17m @ 2.4 g/t Au from 27m

    o including 7m @ 4.4 g/t Au from 33m

    - EMRC046: 17m @ 1.8 g/t Au from 38m

    o including 7m @ 2.0 g/t Au from 38m

    - EMRC047: 18m @ 1.6 g/t Au from 60m

    o including 4m @ 6.1 g/t Au from 62m

    - EMRC048: 14m @ 2.9 g/t Au from 26m

    o including 7m @ 5.1 g/t Au from 32m

    - EMRC049: 10m @ 1.8 g/t Au from 42m

    - EMRC050: 9m @ 1.5 g/t Au from 64m

    - EMRC052: 6m @ 1.4 g/t Au from 31m

    - EMRC053: 4m @ 2.6 g/t Au from 36m

    - EMRC054: 5m @ 1.4 g/t Au from 74m

    o and 3m @ 3.0 g/t Au from 85m

    - EMRC055: 1m @ 3.4 g/t Au from 77m

    o and 5m @ 3.9 g/t Au from 84m

    - EMRC056: 20m @ 1.1 g/t Au from 92m

    - EMRC057: 9m @ 1.7 g/t Au from 108m

    - EMRC058: 16m @ 1.3 g/t Au from 56m

    - EMRC59: 5m @ 1.3 g/t Au from 89m

    o and 13m @ 1.1 g/t Au from 106m

    - EMRC060: 20m @ 3.4 g/t Au from 63m

    o including 3m @ 8.1 g/t Au from 66m

    o and including 3m @ 9.6 g/t Au from 79m

    - EMRC062: 4m @ 1.1 g/t Au from 100m

    - EMRC066: 4m @ 3.8 g/t Au from 49m

    o including 1m @ 13.2 g/t Au from 49m

    - EMRC067: 9m @ 3.7 g/t Au from 34m

    o including 4m @ 6.7 g/t Au from 36m

    o and 7m @ 2.7 g/t Au from 84m

    o including 1m @ 7.0 g/t Au from 87m

    - EMRC068: 2m @ 2.4 g/t Au from 90m

    - EMRC069: 2m @ 2.5 g/t Au from 35m

    o and 5m @ 1.7 g/t Au from 51m

    - EMRC070: 6m @ 1.4 g/t Au from 59m

    - EMRC071: 6m @ 1.6 g/t Au from 93m

    Figure 3-4 (see link below) show cross-sections with new drilling and significant intercepts through the southern part of the Emu deposit. The location of new drillholes discussed in this release is given in plan view in Figure 5 (see link below). The cross-sections clearly show the geological and structural relationship between the felsic quartz porphyry intrusion, the chemically reducing carbonaceous black shale, all hosted within variable mafic volcanics. The understanding of these key relationships will guide future exploration and drilling efforts.

    Significant gold intercepts from the final three holes drilled at the Southwark deposit, 1 km north of Emu, are also listed in Table 1 (see link below), and include:

    - SWKRC042: 16m @ 3.0 g/t Au from 92m

    - SWKRC043: 8m @ 1.3 g/t Au from 59m

    o and 10m @ 1.2 g/t Au from 79m to EOH

    - SWKRC044: 5m @ 9.1 g/t Au from 79m

    A representative section for SWKRC042 is shown in Figure 6 (see link below), whilst a plan map of the final three RC holes at Southwark is given in Figure 7 (see link below). In general, these new results plus those announced previously from Southwark(see Note 3 below) clearly show the widening of mineralisation with increasing depth. This broadening is not isolated but is a deposit-wide feature. Additional drilling will be planned for later in the year to explore potential beneath the known mineralisation.

    Following on from the successful RC program, DDH1 Drilling has now completed 5 new diamond holes and 9 diamond tails at Emu and Southwark (see Figure 2 in link below). The diamond tails were drilled to extend RC holes drilled earlier in the program that ended in significant mineralisation, particularly at Southwark. This is the first diamond drilling program to be conducted at Bottle Creek since 1987. The Company is also twinning several RC holes with diamond for additional confirmation of assayed results as requested by the resource geologists.

    Regional Setting and Exploration History

    The Bottle Creek gold mine lies 100 km north east of Menzies in the Mt Ida gold belt (see Figure 8 in link below). The gold mine is located on the northern extremity of the Mt Ida-Ularring greenstone belt extending from Davyhurst to Mt Alexander (see Figure 8 in link below). The Ularring greenstone belt forms the western part of the Norseman-Wiluna Province of the Yilgarn Craton. The location of mineralisation and local geology, is shown in Figure 9 (see link below).

    During historical operation from 1988-1989, 90,000 oz Au was produced from two open pits (Boags and VB; see Figure 10 in link below). Significant historical drilling along a 9.8 km strike outlined the Emu, Southwark and XXXX deposits. However these were never mined. The historical RC drill fences were spaced at 100m, with infill drill line spacing at 50m and 25m at various locations. The majority of drilling targeted oxide mineralisation and reached no deeper than 80m vertically below surface.

    Alt's new drilling results continue to provide confirmation of historical intercepts, improve confidence in historical data, proves the continuity and grade of mineralisation in key parts of the Emu deposit. Further, gold mineralisation appears to continue at depth, with several drillholes ending in mineralisation. Diamond drilling is being undertaken at Emu and Southwark to test the continuity of gold mineralisation at depth and gain a greater understanding of the geological controls on mineralisation.

    Notes:

    1 From drillhole EMRC060, 63-83m

    2 From drillhole EMRC048, 26-40m

    3 See ARS announcement, 14th May 2018: http://www.abnnewswire.net/press/en/93136/

    To view tables and figures, please visit:
    http://abnnewswire.net/lnk/N687F5K9

    James Anderson
    CEO Alt Resources Ltd
    E: james.anderson@altresources.com.au
    
    Peter Taylor
    Investor Relations
    E: peter@nwrcommunications.com.au
    M: +61-412-036-231

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    Argent Minerals Limited (ASX:ARD) (Argent, or the Company) is pleased to report an updated mineral resource statement for the Kempfield project, which we believe significantly advances the progress of the project.

    Highlights:

    - Major progress at the Kempfield project with new metallurgical details.

    - Kempfield mineral resource statement updated to incorporate the results of metallurgical breakthroughs announced 12 April 2018 and market pricing of zinc, silver, lead and gold.

    - Silver equivalent contained metal estimate now 100 million ounces Ag Eq at 120 g/t Ag Eq - approximately double the previous estimate, and significantly higher Ag Eq grade.

    - Zinc equivalent contained metal estimate: 520,000 tonnes Zn Eq at 2.0% Zn Eq - newly reported for the Kempfield project as a result of the substantially increased zinc contribution to potential revenues.

    - The updated resource estimate statement does not include additional resource potential identified in the Exploration Target announced 8 November 2017.

    - The revised silver and new zinc contained metal equivalents signal a significant advance towards potential economic viability as Argent readies further drilling.

    - Drilling to proceed as the top priority.

    The resource statement has been updated to incorporate the milestone metallurgical results reported on 12 April 2018 - creating a positive new positive development scenario for Kempfield.

    The new scenario has been created by the successful separation of the primary feed material into a potentially marketable commercial grade zinc and lead concentrates, which also contain silver and gold.

    The contained metal equivalence formula has been substantially revised to reflect the significant impact of the metallurgical recoveries announced on 12 April 2018 for the primary material, as well as updated market pricing for zinc, silver, lead and gold. Whilst the underlying mineral resource estimation methodology and individual metal grade estimates remain unchanged, the cut-off grade for reporting of the primary material resource, which is based on the contained metal equivalence formula, has been increased to 80 g/t Ag Eq (from 50 g/t Ag Eq previously).

    The cut-off grade for the oxide/transitional material, which does not depend on the equivalence formula, remains unchanged at 25 g/t Ag.

    The application of the updated cut-off grades and the contained metal equivalence formula to the existing underlying resource estimate has resulted in the following contained metal equivalents for the total mineral resource estimate:

    100 million ounces silver equivalent contained metal: 26 Mt @ 120 g/t Ag Eq - almost double the ounces and at a significantly higher grade than the previous estimate of 52 million ounces Ag Eq at 74 g/t Ag Eq; OR/

    520,000 tonnes zinc equivalent contained metal: 26 Mt @ 2.0% Zn Eq - reported for the first time for the empfield project as required by the JORC 2012 code due to the substantially increased contribution of zinc (approximately 45%) to potential revenues.

    Detailed breakdowns are provided by the following updated Kempfield Mineral Resource Statement, which is in turn followed by the Relevant Information Summary, and further details on the boost to the project's economic potential.

    MINERAL RESOURCES AND ORE RESERVES STATEMENT 30 MAY 2018 UPDATE

    Table 1 (see link below) is a summary of the updated Kempfield mineral resource as at 30 May 2018 and Table 2 (see link below) provides details of metal zonation. Table 3 (see link below) shows the Resource tonnes and grades by Measured, Indicated and Inferred categories, whilst Table 4 (see link below) provides details of tonnes and contained metal in the Measured and Indicated categories as at 30 May 2018.

    At cut-off grades 25 g/t Ag for Oxide/Transitional and for 80 g/t Ag equivalent(see Note 1 below) for Primary:

    Note 1 - 80 g/t Silver Equivalent Cut-off Grade for Primary

    This Resource is only reported in Resource tonnes and contained metal (ounces of silver and gold, and tonnes for lead and zinc). The Resource estimation for the Primary material is based on a silver equivalent (Ag Eq) cut-off grade of 80 g/t.

    A silver equivalent was not employed for the oxide/transitional material estimation and is based on a 25 g/t silver only cut-off grade.

    The contained metal equivalence formula is based on the following assumptions:

    Silver price: $US 16.77/oz

    Gold price: $US 1,295/oz

    Zinc price: $US 3,129/tonne

    Lead price: $US 2,402/tonne

    Silver recoverable: 86% of head grade

    Gold recoverable: 90% of head grade

    Zinc recoverable: 92% of head grade

    Lead recoverable: 53% of head grade

    The metals pricing is based on the one year historical average daily market close as at 25 May 2018.

    The metallurgical recovery assumptions are based on metallurgical testing to date, including the results announced on 12 April 2018. It is the Company's opinion that all the elements in the metals equivalents calculation have a reasonable potential to be recovered and sold.

    Note 2 - In-situ contained metal equivalent ('Zn Eq' and 'Ag Eq') calculation details

    (i) The zinc equivalent (Zn Eq) is reported for the time for the Kempfield deposit on the basis that zinc is estimated to be the greatest contributor to potential revenues (45% - a).

    (ii) The formula for calculating the zinc equivalent grade (% Zn Eq) is:

    % Zn Eq = % Zn + % Pb x 0.4422 + g/t Ag x 0.0161 + g/t Au x 1.3017

    (iii) The silver equivalent (Ag Eq) is also reported on the basis that a) whilst under current market conditions the estimated silver contribution to potential revenues follows zinc closely (36%a), the order of metal contributions is highly sensitive to volatile market prices, which could reverse the order for silver to become the greatest contributor followed by zinc; and b) since the Company has historically published a silver equivalent, the Company's opinion is that continuing to do so is in the interest of transparency for investors.

    (iv) The formula for calculating the silver equivalent grade (g/t Ag Eq) is:

    g/t Eq Ag = g/t Ag + g/t Au x 80.81 + % Pb x 27.46 + % Zn x 62.08

    (v) The above Ag Eq and Zn Eq formulae apply to both the Oxide/Transitional and Primary. For Oxide/Transitional the grade value for Pb and Zn is entered into each formula as zero.

    Note 3 - Rounding and Significant Figures

    Figures in the tables (see link below) in this report may not sum precisely due to rounding, and any increased number of significant figures, does not imply an added level of precision.

    a: Refer to 12 April 2018 announcement (p. 2)

    RELEVANT INFORMATION SUMMARY

    Resource estimation methodology and underlying data

    There has been no material change to the underlying individual grades estimates in the Kempfield resource model for the mineral resource estimate as initially reported on 26 April 2012, as subsequently updated to JORC 2012 reporting standard on 6 May 2014, and further updated on 16 October 2014 with the addition of the metal zonation detail in Table 2 (see link below) of the Mineral Resource statement ('Previous Reports').

    Investors should refer to the Previous Reports.

    The reporting of the underlying Mineral Resource estimate has been updated in this announcement to incorporate:

    - Contained metals pricing assumptions updated for the contained metal equivalence formula;

    - Metallurgical recovery assumptions updated to incorporate the most recent results into the contained metals equivalence formula;

    - Silver equivalent cut-off grade updated for the reporting of the primary material;

    - Zinc contained metal equivalent (added); and

    - Silver contained metal equivalent - update.

    Contained metals pricing assumptions

    The underlying market pricing assumptions for the contained metals in the resource have been updated to the values stated in Note 1 of the Mineral Resource Statement (page 4 of this announcement) (see link below).

    The metals pricing is based on the one year average of the daily market closes for each of the metals, utilising LBMA for Ag, LME London Fix for Au, and LME Cash Settlement for Zn and Pb, and calculated as at market close on 25 May 2018.

    Metallurgical recovery assumptions

    The metallurgical recovery assumptions have been updated to the values stated in Note 1 of the Mineral Resource Statement (page 4 of this announcement) (see link below).

    The recovery assumptions for the primary material are as reported for the first cleaner stage of both the lead and zinc concentrates in the 12 April 2018 announcement.

    The same silver and gold recovery assumptions have been adopted for the Oxide/Transitional material on the basis that they are approximately identical to historical metallurgical results for that material.

    The metallurgical recovery assumptions are subject to any changes that may result from future metallurgical testing including variability testing across the various mineralogical domains across the Kempfield deposit.

    Silver equivalent cut-off grade

    The silver equivalent cut-off grade has been increased to 80 g/t Ag Eq from 50 g/t Ag Eq previously for the primary material.

    The cut-off grade provides a numerical filter to determine which resource blocks of the unchanged mineral resource estimate are reported.

    Applying the contained metal equivalence formula resulting from the updated pricing and metal recovery assumptions, the 80 g/t Ag Eq primary cut-off was determined on the basis of a comparable estimated net recovered value to that of the 50 g/t Ag Eq cut-off employed in the original April 2012 mineral resource estimate.

    A silver equivalent was not employed for the oxide/transitional material, the reporting of which remains based on the original 25 g/t silver only cut-off grade.

    ADDITIONAL RESOURCE POTENTIAL

    This mineral resource update does not include additional mineral resource potential associated with:

    - Exploration results of drilling performed subsequent to the original April 2012 mineral resource estimate (which in the Company's opinion is unlikely to be material at this point); and

    - the Exploration Target announced 8 November 2017.

    The Company intends to perform a mineral resource re-estimate at the point where the Company considers the additional drilling data at the time to be likely to make a material difference.

    The Company is currently preparing the next drilling programme.

    BOOST TO PROJECT ECONOMICS

    Commercial grade concentrates

    The contained metals reported in this announcement signal a significant advance toward economic viability of the Kempfield project.

    This advance is a direct result of the metallurgical work performed over a period of approximately one year to achieve the breakthroughs reported on 12 April 2018. The extraction of metals from Kempfield primary material into separate marketable grade lead and zinc concentrates marks an important milestone for the project - allowing commercial potential smelter revenues to be included in the Company's cash flow modelling at current metals pricing.

    Zinc contribution rises to prominence

    The reporting of a zinc equivalent for the first time for Kempfield, as required by the JORC Code 2012 when the contribution of a metal to potential revenues rises to prominence, also marks a de-risking of the project. With potentially positive cash flows at recent metals pricing for zinc, silver, lead and gold, the project no longer depends on an escalation in the silver price.

    Yet in addition to potentially taking advantage of favourable market conditions for zinc producers, the project retains significant upside leverage to any future silver price escalation that may occur.

    Next steps

    The Company continues to focus on upscaling the identified potentially cash flow positive scenario toward the goal of economic viability.

    Aided by the new 3D Kempfield geological model and the updated resource and related cash flow modelling, the Company is planning drilling the parts of the deposit that are the most likely to result in increased potential cash flows.

    The key goal is to achieve a sufficiently positive net present value of potential cash flows to take the project to the next level of feasibility work, and ultimately, production.

    This announcement must be read in conjunction with Appendix A - JORC 2012 Table 1 (see link below).

    To view tables, please visit:
    http://abnnewswire.net/lnk/W0C4PF46

    David Busch
    Chief Executive Officer
    Argent Minerals Limited
    M: +61-415-613-800
    E: david.busch@argentminerals.com.au

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    Environmental Clean Technologies Limited (ASX:ESI) (ECT or Company) is pleased to announce the signing of the Project Agreement with NLC India Limited (NLCIL) and NMDC Limited (NMDC) for the largest-ever joint R&D collaboration between Australia and India.

    Key points:

    - Project Agreement signed today in Canberra in the presence of India's High Commissioner, Dr Gondane

    - Australia and India join forces to develop ECT's low emission iron and steel process via an integrated Coldry-Mamtor plant to be built in India

    - The Project aims to jointly develop an integrated Coldry-Matmor pilot plant in India

    - Delegation to visit Parliament House on Thursday 31 May 2018 to meet available Ministers

    Further to recent announcements in the lead up to today's Signing Ceremony, senior executives and Directors from NLCIL, NMDC and ECT executed the Project Agreement in the presence of His Excellency, Dr A.M. Gondane and representatives from the Australia India Business Council.

    The ceremony, led by ECT Chairman Mr Glenn Fozard, featured speeches by the Mr P. Selvakumar, Director (Projects & Planning) at NLCIL, Dr Narendra K. Nanda, Director (Technical) at NMDC and Mr Ashley Moore, Chairman-Managing Director of ECT India.

    Mr Fozard commented "We've spent the past four years building the relationship and crafting the process with NLCIL and NMDC in India with the aim of taking our two technologies - Coldry and Matmor - through the scale up process and, if successful on to commercial deployment.

    "Today marks a significant milestone on the journey which, all going to plan, will see the commissioning of our Coldry-Matmor pilot plant in India by the end of 2019."

    During the ceremony NLCIL's Director of Projects and Planning Mr Selvakumar noted, "We want to use our lignite for alternative purposes. We want to dry the lignite. Coldry is a good technology for transforming lignite. When discussing lignite use with NMDC, we saw the opportunity to work together to achieve iron ore reduction as well, adding higher value to our resource through new applications."

    "We look forward to a successful project for the betterment of India."

    Dr Nanda, Director (Technical) of NMDC added, "We are standing here on this auspicious day to sign this agreement to build the pilot plant. If the pilot plant is successful, it can be taken to commercial scale."

    "We wish the project great success for all companies and both countries."

    His Excellency, Dr. Gondane (below, second from right) was quick to add his support to the collaboration, noting the importance of the project to addressing the challenges faced by India.

    Next Steps

    The Project Agreement sets out the agreed terms for detailed sub-agreements. These include a Master Technology Licence Agreement, Tripartite Collaboration Agreement and NLCIL, NMDC and ECT Services Agreements.

    Following execution of the detailed sub-agreements the commencement of project works will be funded and able to commence.

    The parties are on track to deliver these agreements by the end of August and look forward to providing further updates as activities progress.

    Background

    The agreement sees the commencement of the next stage of development for ECT's two proprietary technologies:

    - Matmor is the world's first and only lignite (brown coal)-based primary iron making technology capable of replacing metallurgical coal and high-grade lump iron ore with lower-cost alternative raw materials thanks to its unique, hydrogen-based chemistry and furnace design.

    - Coldry is a unique, zero-emission, lignite upgrading technology capable of producing a solid fuel for use in power generation, industrial thermal applications and as a feedstock to higher-value downstream products such as hydrocarbon liquids, gas, fertiliser, chemicals, chars, activated carbon, hydrogen and steelmaking via the Matmor technology. Coldry solid fuel is significantly less CO2 intensive than lignite.

    The project entails two phases, commencing with an AUD 35 million R&D phase funded by the Indian partners, which aims to scale-up ECT's Matmor and Coldry technologies to deliver an integrated pilot plant capable of producing ~2 tonnes of metal per hour.

    Following successful R&D outcomes, phase two involves commercial expansion, targeting an integrated steel making facility with a proposed capacity of 500,000 tonnes per annum and an estimated cost of AUD 300 million.

    The partners will then assess opportunities for global commercial expansion based on market assessment at that time.

    About Coldry

    When applied to lignite and some sub-bituminous coals, the Coldry beneficiation process produces a black coal equivalent (BCE) in the form of pellets. Coldry pellets have equal or superior energy value to many black coals and produce lower CO2 emissions than raw lignite.

    About MATMOR

    The MATMOR process has the potential to revolutionise primary iron making.

    MATMOR is a simple, low cost, low emission production technology, utilising the patented MATMOR retort, which enables the use of cheaper feedstocks to produce primary iron.

    About the India R&D Project

    The India project is aimed at advancing the Company's Coldry and Matmor technologies to demonstration and pilot scale, respectively, on the path to commercial deployment.

    ECT has partnered with NLC India Limited and NMDC Limited to jointly fund and execute the project.

    NLC India Limited is India's national lignite authority, largest lignite miner and largest lignite-based electricity generator.

    NMDC Limited is India's national iron ore authority.

    To view figures, please visit:
    http://abnnewswire.net/lnk/2J6KS14W

    Glenn Fozard
    Chairman
    Environmental Clean Technologies Ltd
    E: info@ectltd.com.au
    WWW: www.ectltd.com.au

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    MMJ PhytoTech Limited (ASX:MMJ) (FRA:2P9) has invested AUD$0.6 million of seed capital for a 12.6% shareholding in privately-held Martha Jane Medical Limited ("Martha Jane Medical").

    Martha Jane Medical holds an Australian medical cannabis licence for research purposes and is progressing applications for other classes of Australian cannabis licences.

    Investment highlights

    - 5-year memorandum of understanding with the University of Tasmania, utilising expertise and processes honed during the commercialisation of the Tasmanian opium poppy industry, to develop proprietary extraction processes for cannabis

    - Subject to future funding rounds and licensing, Martha Jane Medical aims to design and construct a world class growing, extract and manufacturing facility and export high value cannabis-based products and medicines globally

    CEO Comment

    Jason Conroy, CEO of MMJ, said "We are delighted to support Martha Jane Medical, our first Australian medical cannabis investment."

    Jason Conroy
    Chief Executive Officer
    T +61 2 8098 0819
    jconroy@mmjphytotech.com.au

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    Emmerson Resources Limited (ASX:ERM) announce a strategic alliance with Territory Resources to build the Tennant Creek Processing Hub to support Small Mines.

    Highlights

    - Emmerson has entered into an Asset Sale and Purchase Agreement plus a Strategic Alliance with Territory Resources Ltd (TTY) as follows:

    o Sale of Emmerson's Warrego Mill Lease to TTY for construction and commissioning of a Central Processing Facility

    o Proposed 300,000tpa facility to be the hub for feed from Emmerson's 100% owned small mines which have priority over other third party feed

    o TTY to pay an initial $100,000 non-refundable deposit to Emmerson with further payments subject to final negotiations and transfer of liabilities

    o TTY to assess Emmerson's small mines for future mining and processing on a profit share or royalty basis

    o Negotiation of a farm-in and JV over Emmerson's southern tenements and TTY's Nobles Nob and Juno projects - further consolidating the ownership of the Tennant Creek Mineral Field

    o Emmerson to manage and operate the exploration program of any future farm-in and JV

    - Black Snake Mine granted approval by Northern Territory government - Emmerson's second small mining operation after Edna Beryl
    - Emmerson to continue its primary focus on its active exploration campaigns in Tennant Creek and New South Wales

    Emmerson's Managing Director; Mr Rob Bills commented: "The development of a modern centralised processing facility at Warrego is a major step forward to establishing an integrated exploration, mining and processing hub in the Tennant Creek Mineral Field. This is something Emmerson has been championing for some time as it has the potential to unlock stranded gold assets in the region and is consistent with our strategy of monetising our smaller, high grade resources. This will generate additional funding for one of the most exciting exploration programs in the history of Emmerson - aimed at discovery of high grade gold, copper and cobalt, similar to our recent discoveries at Edna Beryl and Jasper Hills.

    "We thank the Minister for Primary Industry and Resources, Ken Vowles, for recently announcing the approval for Emmerson's second mine at Black Snake and the election promise to develop Tennant Creek as a mining hub to create jobs and boost the local economy. This central processing facility is a transformational enabler for the region.

    Emmerson is very excited to welcome Territory Resources to the district and believe that its milling and mining expertise, combined with Emmerson's exploration track record, will prove to be a winner for all stakeholders."

    Territory Resources Ltd Chairman, Mr Yuzheng Xie commented: "Territory Resources has been operating in the NT for the past decade, primarily in mining and processing iron ore, and now we are expanding into mining and processing high grade gold and other mineral deposits. I am confident the combination of Territory's operational expertise with Emmerson's exploration skills will drive a very sucessful partnership in Tennant Creek. This Strategic Alliance will bring new life back to Tennant Creek with the potential to create many new jobs and encourage more exploration in the region. Our ambition is to start mining mutiple high grade small deposits to feed the centralised processing facility as soon as possible."

    Warrego Mill Sale

    Emmerson has entered into a binding agreement to sell its mothballed Warrego Mill Lease (ML 30888) to Territory Resouces Ltd (TTY). In exchange, TTY will build a modern processing facility on the site and prioritise the processing of ore from Emmerson's assets over other third party ore. The deal is subject to a number of conditions subsequent, including negotiation with the NT Government on the existing Environmental Liabilities. Emmerson has already fulfilled its commitment for the rehabilitaion of the Warrego Town site and any remaining liabilities are expected to be transferred to TTY as part of the sale agreement.

    Mining and Processing

    Emmerson and TTY will work collaboratively to establish profit share or royalty agreements pertaining to the mining and processing of Emmerson's portfolio of mines and tailings at Warrego. TTY's intention is to construct a modern, 300,000tpa processing facility on the Warrego Mill lease. First gold production is projected to occur in late 2018 - contingent on receiving the necessary regulatory approvals.

    TTY is an experienced mining and processing operator with a successful track record at other sites around Australia - allowing Emmerson to remain focussed on its core objective of exploration and discovery.

    Emmerson aims to accelerate and monitise its portfolio of high grade gold projects to provide additional funding for one of the most exciting exploration programs ever undertaken in the Tennant Creek Mineral Field. This program is well underway, with a 2,400m drill program and innovative helicopter-borne geophysical survey completed. This geophysical survey has potential to pinpoint further high grade cobalt, gold and copper deposits within Emmerson's northern project area. Examples of which include the recently announced Jasper Hills project with best grades from drill holes of 28m at 5.83g/t gold, 0.17% cobalt and 8.52% copper, and Edna Beryl which is now in production via a Tribute Agreement with specialist small miner, the Edna Beryl Mining Company. This mine is producing at grades in excess of 30-40g/t gold.

    Earn-in and JV

    As part of the strategic alliance, TTY will enter into an earn-in and potential joint venture over Emmerson's southern tenements, subject to reaching agreement on the commercial terms (see Figure 1). This area is the most gold endowed portion of the Tennant Creek Mineral Field. It contains the historical Nobles Nob and Juno deposits (now owned by TTY) and the gold tailings from these projects will provide a source of feed to the Central Processing Facility. Under the contemplated earn-in and JV, Emmerson will conduct systematic, science-based exploration utilising modern techniques, aimed at making further discoveries or extensions to these historic mines.

    Black Snake Gold Project

    Emmerson's Black Snake gold project is located in the southern tenements, some 70km southeast from the proposed Central Processing Facility.

    The mineralisation at Black Snake is interpreted to strike East-North-East within a vertical dipping shear zone, and where gold occurs within hematite shale and veins that have yet to be closed off by drilling. Previous drill results include 14m at 60.9g/t gold from 15m, including 9m at 92.8g/t gold from 18m highlighting the high-grade and shallow nature of the mineralisation (refer to ASX announcement 17 May 2017).

    The approval by the NT Government for a mining operation at Black Snake gives Emmerson an opportunity to fast-track development of a second small mining project. The proposed small mine would involve the construction of an exploration drive and underground drill platforms to to test the potential for high-grade mineralisation beyond the current limit of surface drilling, along with the production of high-grade gold ore for processing.

    About Territory Resources

    Territory Resources Limited (TTY) explores, mines, rails iron ore and exports out of the Darwin Port in Northern Territory Australia. The company primarily holds an interest in the Frances Creek mine, located to the south of Darwin, Northern Territory. The Company also has interests in the Mt Bundey project and the Yarram project both located in Northern Territory. The Company was incorporated in 2002 and is based in West Perth, Australia. As of February 28, 2018, TTY operates as a subsidiary of Gold Valley Holdings Pty Ltd. TTY is currently expanding its operations into gold projects in the NT, including advancing the +300koz gold project at Nobles Nob and Juno mines in Tennant Creek. More recently, TTY purchased the Black Jack gold processing facility in Charters Towers.

    Rob Bills 
    Managing Director and CEO
    E: rbills@emmersonresources.com.au
    T: +61 8 9381 7838 
    
    Media enquiries 
    Michael Vaughan, Fivemark Partners 
    E: michael.vaughan@fivemark.com.au 
    T: +61 422 602 720

    0 0

    MYOB Group Limited (ASX:MYO) (FRA:7MY) advises that it will no longer pursue the acquisition of Reckon's Accountant Group assets. Instead, MYOB will proceed with its planned investment strategy to drive future growth.

    The regulatory process has taken considerably longer than the parties anticipated and could continue for some time. The sale and purchase agreement had a six month duration within which the conditions precedent to completion had to be satisfied (including the regulatory conditions) failing which either Reckon or MYOB could terminate the contract.

    While the rationale for the acquisition remained unchanged, the further potential delays in the ACCC and NZCC process has created uncertainty in the business to be acquired with the potential to impact on its trading, and the parties could not agree to mutually acceptable terms to extend the contract.

    With accountants responding positively to the online practice tools MYOB has already brought to market, and competitors clarifying through the ACCC process that they are not currently able to provide a full suite of online practice tools to their clients, the company feels well placed to accelerate investment to further strengthen its market position.

    Investing for Future Growth

    Given the upward trajectory of MYOB's online ledger growth, which has trebled from 2015 to 2017 and is growing faster than competitors, the company has decided to accelerate organic investment in order to capture further share in a rapidly growing market. The company is targeting over 1 million online subscribers by 2020.

    An important factor in achieving the 2020 goal is increasing MYOB's client base of accountants and the referrals of SME clients that they generate. MYOB is confident that it can achieve this outcome organically; and that accelerating the development of the MYOB Platform, together with additional sales and marketing investment, further increases this confidence. The size of these investments is in line with those announced as part of the proposed Reckon acquisition in November 2017.

    MYOB remains committed to the share buy-back program announced in August 2017.

    MYOB CEO Tim Reed said:

    "Whilst the acquisition will not complete as planned, we are excited about the opportunity to accelerate the organic growth in our business.

    With a proven track record of investing for growth, and a market ripe for expansion, we are confident that this is the right time to invest and set our business up for future success, whilst continuing to deliver value to our shareholders and our customers.

    With the Reckon deal no longer proceeding, we plan to accelerate the pace of our share buyback program, and thereby maximise the return to our shareholders.

    We are confident that throughout this period of investment our business will remain highly profitable, with underlying EBITDA margins expected to be above 40 per cent.

    Our financial goals, beyond reaching 1 million online subscribers by 2020, are to deliver underlying EBITDA margins of >45 per cent and generate $200 million of free cash flow by 2022."

    2018 - 2020 Investment Plan

    - $50 million MYOB Platform acceleration: Accelerate $50 million of R&D spend over the next 2 years to bring forward the delivery of MYOB's online platform. This investment will bring new online Adviser and SME solutions to the market more quickly, allowing MYOB to retire legacy solutions. Given this is a bring-forward of already planned investment, there will be no change to the overall spend for the MYOB Platform in the long term. This acceleration will increase R&D as a percentage of revenue above current levels, however MYOB expects it to stay below 20 per cent from 2018 - 2020 and to drop back below 16 per cent of revenue by 2022.

    - $30 million Sales & Marketing investment: Increase the size of MYOB's Adviser sales team to maximise the potential of the accelerated platform delivery, and to deliver the expected increased rate of referrals from the adviser base of accountants and bookkeepers. MYOB will invest further marketing spend over the next 2 years to support direct SME sales (i.e. those not referred by advisers). These investments are expected to be NPV positive and cashflow positive in 2020 on the basis of consistent team productivity.

    Strategic Rationale for Investment

    - Building online solutions for advisers will drive organic growth: MYOB is committed to delivering online solutions to its base of accountants and bookkeepers in line with its Connected Practice vision. As existing providers are currently unable to provide a full suite of online solutions for all their clients, MYOB believes this is a significant opportunity to grow adviser market share organically.

    - Accelerating investment in adviser tools will drive referrals of SME accounting software: Currently more than 50 per cent of sales of MYOB's SME accounting software come from adviser referrals. By investing in online practice tools and growing the base of advisers, MYOB is confident this will lead to an increase in SME referrals.

    - MYOB has a strong track record of investing for growth: Over the past 3 years MYOB has invested more than $400 million into research & development, sales and marketing. This investment has already delivered strong returns, trebling the rate of online subscriber additions between 2015 and 2017, while growing ARPU and increasing client retention. Over the same period MYOB has also generated free cash flow of more than $400 million, of which >$190 million has been returned to shareholders.

    - It is the right time to invest: Over the past 8 years the penetration of online accounting has moved from less than 5 per cent to more than 40 per cent; in the next 8 it is likely to move above 80 per cent, potentially doubling category revenue. MYOB's goal is to achieve 1 million online subscribers by 2020.

    Medium-Term Targets

    - Online subscribers: 1 million by 2020

    - Organic revenue growth: high single-digit

    - Total revenue growth: double digit

    - Underlying EBITDA margins: >45% from 2022

    - R&D investment:
    - Free cash flow: >$200 million from 2022

    2018 Guidance

    MYOB is updating its 2018 guidance based on the above investment

    - Organic revenue growth is still expected to be 8% - 10% percent range

    - Underlying EBITDA margins are expected to be in the 42% - 44% range

    - R&D investment to be
    As in prior years, revenue growth and EBITDA margins are expected to be higher in 2H than 1H.

    Further information and web conference details

    The MYOB ASX release should be read in conjunction with the corresponding analyst and investor presentation lodged this morning and available on the MYOB Investor website: http://investors.myob.com.au/Investors/.

    CEO Tim Reed and CFO Richard Moore will host a conference call for analysts and investors today at 10:30am AEST today. To register for the MYOB webcast, please click here:

    http://webcast.openbriefing.com/4498/

    Investor and Analyst Enquiries
    Christina Nallaiah
    Head of Investor Relations
    T: +61 2 9089 9122 | M: +61 468 362 553
    christina.nallaiah@myob.com
    
    Media queries
    Lia Pacquola
    Head of PR and Corporate Communications
    M: + 61 418 116 790
    Lia.pacquola@myob.com

    0 0

    Carnarvon Petroleum Limited ("Carnarvon") (ASX:CVN) (OTCMKTS:CVONF) is pleased to provide the following update on the drilling of the Phoenix South-3 well as advised by the operator, Quadrant Energy.

    Progress

    Since the last update, the 12-1/4" hole section has been completed down to 4,619 metres Measured Depth ("MD").

    Current Operations

    Preparing the hole to run the 11-3/4" liner.

    Forward Plan

    Run the 11-3/4" liner before drilling the 10-5/8" hole from 4,619 metres MD to approximately 5,160 metres MD. Following this, a 9-5/8" casing will be set before the 8-1/2" hole section is drilled to the top of the primary Caley Member section, which is expected to be intersected at a depth of approximately 5,360 metres MD.

    Well Objective

    The primary objective for the Phoenix South-3 well is to evaluate the gas and condensate potential of the Caley Member within a large, faulted anti-clinal closure that was partially penetrated with the Phoenix South-2 well.

    Phoenix South-2 encountered gas and condensate in the Caley Member but was unable to drill through and evaluate the formation. The Phoenix South-3 well has been optimally designed to penetrate and evaluate the hydrocarbon bearing formations of the Caley Member.

    Phoenix South-3 is located around 560 metres North-North East of the Phoenix South-2 well. The well will target a closure that is estimated by Carnarvon to contain a gross mean recoverable prospective resource of 489 Bscf of gas and 57 million barrels of associated condensate (being 143 million barrels of oil equivalent ("boe"), gross, Pmean) - Refer to ASX Announcement on 23 April 2018.

    Prospective Resources are the estimated quantities of petroleum that may potentially be recovered by the application of a future development project and may relate to undiscovered accumulations. These prospective resource estimates have an associated risk of discovery and risk of development. Further exploration and appraisal (including this well) is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

    Carnarvon Petroleum 20%

    Quadrant Energy (Operator) 80%

    Investor inquiries: 
    Thomson Naude
    Company Secretary
    Phone: +61-8-9321-2665
    Email: investor.relations@cvn.com.au
    
    Media inquiries:
    Luke Derbyshire
    Managing Director
    Spoke Corporate
    Phone: +61-488-664-246
    Email: luke@spokecorporate.com

    0 0

    Mustang Resources (ASX:MUS) (FRA:GGY) (OTCMKTS:MTTGF) is pleased to announce that its strategy to develop the Caula Vanadium-Graphite Project in Mozambique is well on track with the appointment of highly regarded specialists Bara International to undertake the Scoping Study.

    Key Points

    - Highly regarded specialists Bara International appointed to undertake the Caula Vanadium-Graphite Scoping Study

    - Scoping Study expected to be completed by end-July 2018, putting the project on track for production and cashflow by mid-2019

    - Key impending results and milestones for Caula include:

    o Imminent return of all graphite and vanadium assays from the 2017 scoping study drilling campaign

    o Initial graphite and vanadium ore-sorting and ore upgrade results - expected early June 2018

    o Additional metallurgical test work on graphite and first vanadium metallurgical results - expected in June 2018

    o Maiden JORC compliant vanadium resource based on the combined 2016 and 2017 scoping study drilling results - expected by end-June 2018

    o Updated JORC Compliant graphite Resource estimate - expected by end June 2018

    o Completion of the geological resource model and conceptual mine design for an integrated vanadium and graphite processing plant - expected July 2018

    o Commencement of Definitive Feasibility Study (DFS) work program

    Bara is an engineering consultancy based in Johannesburg, South Africa with extensive experience in African graphite and vanadium.

    Mustang Managing Director Dr. Bernard Olivier said: "This appointment is another key step in our strategy to be in production at Caula by the middle of next year.

    "We have multiple workstreams underway to deliver a maiden vanadium JORC Resource and an upgraded graphite resource along with metallurgical testing for an integrated vanadium and graphite processing flowsheet. We are also awaiting the results of ore-sorting testwork in Australia."

    1) Vanadium and graphite assay results

    Vanadium and graphite sample analysis on the remaining 3 drillholes from the 2017 scoping study drilling campaign is currently being completed by SGS South Africa with final results expected within the next two weeks. Once received, the project's 'competent person' will immediately finalise the incorporation of the results into the geological and resource model and enable the estimation of the maiden JORC complaint vanadium Resource as well as an upgraded JORC compliant graphite Resource.

    2) Ore sorting testwork and results

    Mustang dispatched initial Caula core samples to TOMRA Sorting Solutions in Castle Hill, Australia for trial ore sorting test work to determine the suitability of Caula's ore for upgrading through the application of its proprietary technology. Once the initial results are received, an ore sorting testwork campaign will be conducted.

    3) Metallurgical testwork

    Dual metallurgical testwork is currently well advanced with IMO and Nagrom Laboratories in Perth, Australia. The outcome of these studies will seek to confirm the graphite metallurgy and processing flowsheet as well as provide the Company with more information on the extraction of vanadium from the mica-roscoelite minerals contained in the Caula ore. The Company expects initial results to be available before mid-June 2018.

    4) Maiden Vanadium JORC Inferred & Indicated Resource

    Following the receipt of the outstanding assay results from SGS and the completion of metallurgical testing, the 'competent person' will estimate a maiden vanadium JORC Inferred & Indicated Resource for Caula. The Company expects this to be completed and announced to the market by the end of June 2018/start of July 2018.

    5) Upgraded Graphite JORC Inferred Resource

    In conjunction with the maiden JORC complaint inferred vanadium Resource, the Company's 'competent person' will also complete an upgraded JORC Inferred Resource for the Caula graphite Resource (refer ASX release 1 December 2017 "Maiden Inferred Mineral Resource estimate Caula Graphite") which, owing to the 11 additional DD holes drilled in December 2017, is expected to increase the maiden 5Mt @ 13% TGC estimate significantly. The upgraded JORC Resource is also expected by end-June 2018.

    6) Scoping study: mine design and integrated vanadium-graphite processing plant design The above milestones are all integral components of the Caula scoping study expected to be finalised by end-July 2018 with the goal of providing initial economic parameters for an integrated vanadium and graphite processing plant with a staged deployment as described in detail in the ASX Announcement dated 21 March 2018.

    7) Definitive Feasibility Study ("DFS") campaign

    Initial work that forms part of the DFS has commenced. The DFS study will require additional drilling using a combination of reverse circulation (RC) and diamond drilling (DD) to upgrade the JORC Resource. The Company is also planning to extract a large bulk sample for export to China which will enable additional large scale metallurgical and plant design testwork, as well as produce concentrate for trial marketing. The Company is targeting completion of the DFS by end of calendar 2018.

    The Company remains committed to delivering first vanadium and graphite cashflow from the stage 1 development of Caula by H1-2019.

    Managing Director:
    Bernard Olivier
    bernard@mustangresources.com.au
    +61 (0) 408 948 182
    +27 (66) 4702 979
    
    Media & Investor Relations:
    Paul Armstrong
    paul@readcorporate.com.au
    +61 (0) 8 9388 1474

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