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Asia Business News

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    Australian Potash Limited (ASX:APC) ("APC" or the "Company") is pleased to provide shareholders with its Quarterly Activities Report for the period ended 30 June 2018.


    Lake Wells Sulphate of Potash Project - Western Australia

    - Level 2 short range endemic, fauna and stygofauna surveys were completed

    - Initial review by the Environment Protection Authority of the Company's draft Environmental Scoping Document completed

    - Pilot evaporation pond program continuing with anticipated SOP trade sample production during Q3

    - Final program of work on hydrogeology workstream agreed with consultants: contractor tendering and engagement through Q3

    - Expert engineering consultants Lycopodium appointed to finalise process engineering in conjunction with Canadian based SOP expert engineering firm Novopro

    - Geotechnical engineering program to close out Q3/Q4 building on scoping study/optimisation studies in conjunction with Knight Piesold

    - Continued engagement with Chinese MOU partners and other export opportunities following appointment of experienced SOP marketing executive Jay Hussey (see below)

    Yamarna Gold Project - Western Australia

    - 3-stage, 23,000m drill program commenced at Yamarna to test highly prospective zone identified in the CSA Global structural and geochemical/lithological review

    - Significant bedrock gold anomaly over a 2,500-metre strike length identified at Target 15a which remains open and is similar in scale to early Air-Core (AC) drilling at recently identified high-grade Ibanez prospecti 2 kilometres to the south

    - Northern line of drill-program at Target 15d returned anomalous bedrock gold results over a 500-metre width

    - 5 of the 6 lines drilled for a total of 7,027 metres returned anomalous bedrock gold

    - Board continuing to actively investigate and consider strategic options to realise full-value for shareholders.

    Corporate Activity

    - Oversubscribed placement to sophisticated and professional investors to raise $3 million completed

    - Jay Hussey appointed as Chief Commercial Officer

    Australian Potash, Executive Chairman, Matt Shackleton commented:

    "Another productive quarter by our team saw the Company's two projects move forward in very material ways.

    "At the Lake Wells SOP project, we are moving into the final DFS stages across the 4 major work streams.

    "Our hydrogeological consultants and project management team have agreed the scope of the final package of work leading to the finalisation of the hydro/flow model and estimation of a reserve. With our geotechnical program significantly advanced, and in synchronisation with our approvals program, the final flora and fauna surveys have either been conducted or are progressing to an agreed scope of work. We anticipate producing first trade samples from site Q3. It is important to distinguish between what can be produced in the laboratory and what is actually produced at site. The pilot evaporation pond program has been underway for nearly a year.

    "We are very excited by the addition of Jay Hussey to our team of experts. Jay brings with him an extensive network of commercial contacts in the SOP and fertiliser industries throughout China and south-east Asia more generally.

    To view the full report, please visit:

    Matt Shackleton 
    Executive Chairman
    m: +61-438-319-841

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    Lake Resources NL (ASX:LKE) is an exploration and development company with one of the largest lithium lease holdings in Argentina of 180,000 hectares, including areas under option with four prime lithium projects: 3 brine projects and 1 hard rock project. Each project is capable of being a 'company maker'.

    These include the Kachi Lithium Brine Project which covers ~54,000 ha of consolidated mining leases over a previously undrilled salt lake; the Olaroz/Cauchari and Paso Projects in Jujuy province adjacent to Orocobre and SQM/Lithium Americas; and the Catamarca Pegmatite Lithium Project (~72,000 ha), under option, with large pegmatite swarms over 150km of strike.


    - Four prime lithium projects - 3 brine projects and 1 hard rock project in Argentina - with one of the largest lithium lease holdings in Argentina of 180,000 hectares, including areas under option.

    - Exciting maiden discovery confirmed - Kachi Lithium Brine Project - large scale, deep salt lake basin 22 x 8 kilometres, over 400 metres deep

    - Kachi is a similar size to globally significant lithium producers - and 100% Lake owned

    - Best results to date are 306 mg/L lithium over 300 m depth from near surface at Kachi in conductive permeable brine with low impurities and a low Mg/Li ratio of 4.3

    - Drilling ongoing to produce a maiden resource at Kachi in the coming months, anticipated in October.

    - Approval to drill the Olaroz-Cauchari leases is nearing completion, ready to drill in the coming weeks.

    - The Olaroz-Cauchari leases adjoin lithium brine production of Orocobre and development projects that have over 15 million tonnes LCE (Lithium Carbonate Equivalent) in Jujuy in the same basin as Orocobre and SQM/Lithium Americas. A landmark agreement was signed with Jujuy Province that confirmed tenure.

    - Lake secured a A$1.9 million option underwriting agreement for the listed 10c options, LKEO, expiry 27 August 2018, which supports drilling activities.

    - Corporate activity continues in Argentina with US$280 million being paid for a 1.1 million tonne resource of Galaxy, located ~100km north of Kachi.

    A maiden resource estimate is anticipated in the coming months at the Kachi project. The large scale with a single owner appeals to battery makers and is well suited to a strategic investment/partnership. Drilling on the Cauchari and Olaroz leases will commence soon, which appear to be extensions of known lithium resources that have over 15 million tonnes LCE (Lithium Carbonate Equivalent).

    To view the full report, please visit:

    Steve Promnitz
    Managing Director
    Lake Resources N.L.
    T: +61-2-9188-7864

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    Prospect Resources Ltd (ASX:PSC) (Prospect, the Company) is pleased to report on another busy quarter of activities.

    Summary of Significant Announcements in the Quarter and up to the date of this announcement:

    4 April - Completion of A$10m placement at 6c per share to Sinomine and US$557m Sinomine offtake agreement

    5 April - Hunter Capital Advisers issues research report

    3 May - Zimbabwe Minister for Mines visits Prospect's Lithium Carbonate Pilot Plant

    14 May - Appointment of Sam Hosack as Managing Director

    16 May - Appointment of DRA to provide upfront engineering & design services

    21 May - Appointment of Earthmoving Contractor

    8 June - Release of BBC Radio interview with Harry Greaves

    14 June - Arcadia Lithium Mine progress update in photos

    15 June - Arcadia Mine flyover

    We finished the Quarter with:

    - A$16m cash available to spend on Arcadia and a further US$10m funding commitment;

    - Continued interest in securing the balance of the Stage 1 offtake volume along with finance proposals for the Arcadia Mine;

    - Additional interest in Stage 2 offtake supplies;

    - First mining contracts signed;

    - The tailings storage facility cleared, starter pit cleared, working accommodation facilities under construction and the platform for some 5,000m2 of covered facilities being prepared; and

    - A strong trading cashflow of some A$548,000 (YTD A$1.496m) from farm sales and currency trading. Gross profit from these activities for the quarter was A$580,000.

    To view the full report, please visit:

    Hugh Warner
    Prospect Resources Ltd
    Executive Chairman
    T: +61-413-621-652
    Sam Hosack
    Prospect Resources
    Managing Director
    T: +61-420-407-890
    Harry Greaves
    Prospect Resources Ltd
    Executive Director
    T: +263-772-144-669

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    Further to the Transformation Announcement made on 20 June 2018, the Board of Queensland Bauxite Limited (ASX:QBL) (or "the Company") has recognised that due to current market conditions, the intended capital raise at 8c is no longer an immediate practical option. As a result, the Board has decided to amend the raising price for the recompliance.

    The Board has decided that the revised offer under the recompliance will be a discounted raising exclusively to shareholders of QBL, and as previously advised, the directors intend to utilise their discretion to allocate the raising to shareholders in accordance with the size of their shareholding and the length of time the shareholder has held their shares. The offer will be open to all shareholders, and the directors will try to accommodate as many shareholders as possible pro rata to their shareholding.

    The Board has determined that the exclusive offer will be for a minimum raising of $2M and an oversubscription up to a maximum raising of $6M, at 3.5c per share and one attaching 18 month option at 10c exercise price for every two shares subscribed for.

    The Board also wishes to advise, that the Company has come to an agreement with Medcan to extend the date for completion of the Medcan acquisition agreement to the 31st October 2018.

    The Company has been informed by the ASX, that the ASX current policy for any company undergoing a recompliance, that if the price of the recompliance capital raise is amended from that which was announced in the Annexure A transformation announcement, that given the repricing there will be significant changes to the capital structure of the Company and metrics of the recompliance for which the market will not be fully informed which necessitates that the relevant Company's shares will be suspended from trading until the recompliance is complete. Due to the current market conditions, the Board has had no option but to change the raising price.

    Under the timetable released to the market, we are expecting the recompliance to be completed in October.

    The Directors believe that the new merged entity will be a much stronger one, and therefore this process should significantly benefit all our long term loyal shareholders.

    Queensland Bauxite Ltd
    Tel: +61-2-9291-9000
    For further information or any queries please email the Company at:

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    Impact Minerals Limited (Impact) (ASX:IPT) (OTCMKTS:IPPTF) hereby provides further clarification and additional information on the details of rock chip samples and historic soil sample and drill results released in the announcement made to ASX on 18 July 2018.

    The historic results were not previously reported to the ASX under the JORC 2012 Code and further details including previous significant intercepts and results are now provided in the amended announcement attached (see link below).

    To view the release, please visit:

    Dr Michael G Jones
    Managing Director
    Impact Minerals Limited
    T: +61-8-6454-6666

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    Altech Chemicals Limited (Altech/the Company) (ASX:ATC) (FRA:A3Y) is pleased to announce that it received applications from existing shareholders for $4.3 million of new shares at an offer price of $0.165 per share under the Share Purchase Plan (SPP), which closed at 5pm (WST) on Tuesday 31 July 2018.


    - $4.3 million raised via Share Purchase Plan

    - Positive and excellent support from shareholders

    - In excess of 550 shareholders participated

    The response to the SPP from shareholders is extremely positive and the Company is pleased to advise that all applications will be accepted in full and that the new shares will be allotted on Monday 6 August 2018.

    Altech managing director Mr Iggy Tan said, "the Company is extremely pleased with the number of applications for new shares that it received from shareholders under the SPP. In excess of 550 shareholders, representing approximately 20% of all shareholders, participated which is an exceptional outcome.

    Project momentum is now growing rapidly, the site for our high purity alumina (HPA) plant has now been cleared and the stage-1 construction agreement was recently signed, this will see works in Johor commence shortly."

    Iggy Tan
    Managing Director
    Altech Chemicals Limited
    Tel: +61-8-6168-1555
    Shane Volk
    Company Secretary
    Altech Chemicals Limited
    Tel: +61-8-6168-1555
    Investor Relations (Europe)
    Kai Hoffmann
    Soar Financial Partners
    Tel: +49-69-175-548320

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    Tesserent Limited (ASX:TNT) has signed a binding-terms sheet (subject to various conditions precedent) to acquire Asta Solutions Pty Ltd ('Asta').

    Asta is an Information Communications Technology (ICT) company and has more than 200 clients, serviced by 85+ staff located in Melbourne, Sydney and Auckland. Asta has signi?cant expertise in a number of areas important to Tesserent's strategy, including cloud technologies, managed services and the development of blockchain applications.

    The cost of the acquisition - 4 x FY18 EBITDA - is expected to result in a purchase price of $3.8 million, which will be met through a combination of shares and cash.

    Analyst comment: this transaction is highly accretive, for a number of reasons, including the following.

    Increased product offering - to date, Tesserent has focused solely on internet security as a service, but the acquisition of Asta will expand their product offerings to include web and mobile development, as well as cloud solutions and business consulting.

    Increased client base - given Asta's 200+ clients throughout Australia and New Zealand, Tesserent's client base will expand accordingly. More importantly, the Asta acquisition enhances Tesserent's scope to encompass small- to medium-enterprise businesses (historically, the company dealt with larger corporations only), which should increase sales of Tesserent's Cyberbiz internet security platform.

    Increased revenue - we believe the Tesserent group as a whole generated revenue of around $16 million over the past year (the valuation video above outlines how TSI determined this).

    Valuation: we have increased our valuation for Tesserent to $0.26/share (currently $0.07), in the belief that, once the current share purchase plan closes on 6 August (a major overhang on the share price for the past 6 weeks), the takeover is complete (in October) and the new combined revenue is confirmed, the company's share price will re-rate towards our valuation.

    To view the video, please visit:

    Adam Kiley
    TSI Capital Pty Ltd

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    Queensland Bauxite Ltd (ASX:QBL) provides the Company's Quarterly Report.


    On behalf of the Directors of Queensland Bauxite Limited, I am pleased to announce an update of our activities.

    Operational momentum in our subsidiary MCL continued during the quarter, with significant investment delivering targeted results. Milestones included the completion of the expanded nutritional hemp production facility in Queensland, the procurement of crucial medical cannabis licenses and the announcement of the transformational MCL and Medcan acquisitions.

    The Board of Directors considers that the acquisition of MCL and Medcan are a vital step in progressing the Company's vision of becoming a leading provider of nutritional hemp and medicinal cannabis products to supply the growing domestic and international global markets.

    The Acquisitions will enable the Company to complete its second vertically integrated business from 'seed to consumer' in medicinal cannabis, in line with the strategy of the revenue generating nutritional hemp business.

    MCL has taken the opportunity, in the infancy stages of this new burgeoning hemp Industry, to prepare to take a large market share in this exciting and growing industry by investing in and completing major infrastructure upgrades at our Processing facilities in QLD. With both nutritional hemp and medical cannabis divisions now vertically integrated we are set for success to capture value through the supply chain. The Board has confidence of material growth in revenues over the next twelve months as a result.

    The Company continues to move forward with the development of its bauxite projects and is progressing with its discussions with potential offtake partners following a recent management visit to China. The directors are confident that with the appropriate offtake partner, the bauxite projects will be a source of material revenue for the Company.

    I would like to thank our Board and our dedicated and united management team who have assisted in the rapid development of MCL over the past year, who have been at the forefront of the numerous deals and alliances that have manifoldly increased the Company's market capitalisation. A special thank you to our loyal shareholders for the support that the Company's move into cannabis research and revenue has received. We all look forward to an exciting second half to 2018 and anticipate that the best is yet to come!

    To view the full report, please visit:

    Queensland Bauxite Ltd
    Tel: +61-2-9291-9000
    For further information or any queries please email the Company at:

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    Retech Technology Co., Limited ("Retech" or "Group") (ASX:RTE) is pleased to announce that Mr Kang Li joined the Board as a non-executive independent director on 1st August 2018.

    - New Board appointment to build on market position and accelerate growth in Australia

    - Mr Kang Li brings extensive management and commercial experience in the Australian market

    - Strengthens the Board's abilities with additional skills and enhanced cross-cultural knowledge

    Mr Li is an experienced executive, having spent the past 15 years as the CEO of Montgomery Group Australia, a company provides exceptional real estate service and skills for over 40 years.

    An Australian resident, Mr Li graduated from La Trobe University in Melbourne with a graduate diploma in Information Technology. He brings extensive management and commercial expertise in the local market and he will be responsible for building Retech's position throughout Australia. He has a background in successfully developing businesses in new markets and his skills and expertise will help the Company to identify and evaluate potential new opportunities in new markets.

    Chairman, Calvin Cheng said, "Retech's performance will be driven by a combination of organic and acquisitive growth, which requires new Board skills to harness greater cross-cultural knowledge and understanding to facilitate accelerated growth across the new regions. I am delighted to welcome Mr Li to the Board. His appointment will support the Group to achieve the next level of growth within Australia."

    Material terms of Mr Kang Li's appointment are outlined below:

    - Remuneration: Fixed director fee of RMB$70,000 per annum. Should Mr Li be appointed as a Chairman of any committee of the Board, he will be paid an additional fee of an amount to be agreed with the Board

    - Term: Appointment commenced on 1st August 2018 without a fixed term.

    Corporate Enquiries
    Elly Yu
    Retech Technology Co., Ltd
    T: +86-2-5566-6166
    Media Enquiries
    Alexander Liddington-Cox
    Media & Capital Partners
    T: +61-474-701-469

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    Venus Metals Corporation Limited (ASX:VMC) provides the Company's latest presentation titled "The Historic Youanmi Gold Mine".


    - Youanmi is one of the last big WA gold mines to be re-examined for production under today's high gold prices of AUD$1,700/oz.

    - The Youanmi Gold Mine closed in 1995 with gold prices at AUD$450/oz after producing over 670,000 ounces at an average 5.4g/t Au.

    - Venus has entered into two option agreements to enable it to purchase the Youanmi Gold Mine.

    - Venus has upgraded all open pit and high grade underground resources to JORC 2012 compliance after extensive modelling of the existing 15,183 drill hole data base.

    - Further major upside potential has been identified through the concept of developing a single "super pit" over a 2km strike zone (connecting all existing pits from surface).

    - Drilling has shown significant potential for high grade resource extensions at depth.

    - Venus holds all the surrounding exploration acreage where EM surveys have outlined extensive anomalies for testing to provide new discovery opportunities.


    * Refer VMC ASX releases dated 28 May 2018 and 29 June 2018


    - Complete due diligence prior to exercise of the purchase options

    - Commence scoping studies on the near surface deposits for the "super pit" concept

    - Drilling to upgrade resources for planning purposes

    - Engineering studies for high volume treatment alternative

    - Pre-feasibility studies and project finance discussions

    - Preliminary discussions with open pit and underground mine operators

    - Regional exploration to drill test identified targets

    To view the full presentation, please visit:

    Matthew Hogan
    Managing Director
    T: +61-8-9321-7541 
    Kumar Arunachalam
    Executive Director
    T: +61-8-9321-7541

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    The Board of Queensland Bauxite (ASX:QBL) (or "the Company") is pleased to announce a materially positive update regarding the company's research into the use of medical cannabis in autoimmune disease treatment. (Although the company went into a trading halt pending the release of this announcement, due to the recompliance currently underway as announced earlier, this announcement will not lift the suspension of the company's securities).

    On the 26th of February 2018, QBL announced a Sponsored Research Agreement between Medical Cannabis Limited ("MCL")'s subsidiary Medical Cannabis Research Group ("MCRG") and Professor David Meiri and his research team at the Technion Institute, Haifa, Israel. Professor Meiri's team is known to be of the leading Cannabis research labs in the world. The purpose of the Agreement was for Professor Meiri to research and find a use for medical cannabis in the treatment of the auto-immune disease multiple sclerosis.

    Autoimmune disease is on the rise worldwide and the American Autoimmune Related Diseases Association says that auto-immune disease currently affects over 50 million Americans.

    There are over 80 autoimmune diseases, including: Rheumatoid Arthritis, Systemic Lupus Erythematosus (lupus), Inflammatory Bowel Disease (IBD), Multiple Sclerosis (MS), Type 1 Diabetes, Mellitus, Guillain-Barre Syndrome, Celiac, Chronic Inflammatory Demyelinating Polyneuropathy, Psoriasis, Graves' Disease, Hashimoto's Thyroiditis, Myasthenia Gravis and Vasculitis.

    An autoimmune disease is a condition in which your immune system mistakenly attacks your body.

    The immune system normally guards against germs like bacteria and viruses. When it senses these foreign invaders, it sends out an army of fighter cells to attack them. Normally, the immune system can tell the difference between foreign cells and your own cells. In an autoimmune disease, the immune system mistakes part of your body - like your joints or skin - as foreign. It releases proteins called autoantibodies that attack healthy cells.

    To date, medicinal cannabis formulae have been shown to be effective in the treatment of many diseases including treatment of epilepsy in children, pain of multiple sclerosis, nausea from cancer chemotherapy, poor appetite and weight loss caused by chronic illness, such as HIV, or nerve pain, seizure disorders and Crohn's disease.

    A ground-breaking discovery - Prof. David (Dedi) Meiri Ph.D.

    Professor Meiri is 'thrilled' to report that his research has made a ground-breaking discovery in the lab long before anticipated, and that during laboratory testing from the hundreds of strains that he has available to research, he has discovered cannabinoids from a unique cannabis strain that has the capacity to inhibit dendritic-dependent T-cells proliferation, which is vital to finding the right cannabis extracts to make a product formulation that can regulate immune function and treat the MS disease. Following the success of this research in the lab, trials on mice are immediately commencing this week. Professor Meiri has the support of the Israeli Government and the leading hospitals in Israel for immediate access to human trials to fast track product development as soon as the results of the current trials on mice will support this, which may be as soon as early 2019.

    As announced on 26 February 2018, MCL through its Medical Cannabis Research group (MCRG) agreed to fund Research into Dr. Meiri's study in return for an exclusive license for the commercialisation of any product derived from the Research. The Technion Israel Institute of Technology will receive 4 percent royalty of the net sales revenues generated by MCRG from the products resulted from the Research.

    Professor Meiri tells of his significant discovery as follows:

    "Millions of people worldwide are afflicted with multiple sclerosis (MS). MS is a chronic disease of the brain and spinal cord and is a common cause of serious physical disability in young adults, especially women. MS has a heterogeneous presentation that can include sensory and visual disturbances, motor impairments, fatigue, pain and cognitive deficits.

    In the past year the laboratory for cannabinoid research at the Technion- The Technology Institute of Israel, initiated a research program funded by MCL. The overall objective of this study is to match effective cannabis extracts that regulate/modulate immune function, specifically, autoimmunity in MS, in order to optimize treatment for MS patients."

    The group at the Technion headed by Prof David (Dedi) Meiri established the novel ability to analyze the metabolites present within the cannabis plants and their specific chemical composition. Using this novel method the team screened tens of different strains which were fully characterized by their LC-MS/MS (liquid chromatography-tandem mass spectrometry) methods. Using an in vitro system of mononuclear cells which they have differentiated dendritic cells and mimic the MS disease, the team has identified unique strain that has a robust capacity to inhibit dendritic-dependent T-cells proliferation.

    These findings of a specific cannabis strain that has deleterious effect on dendritic-dependent T-cell proliferation, highlights the potential of cannabinoids as part of the arsenal for MS therapy.

    Professor Meiri together with Andrew Kavasilas, Founding Director of MCL, further agreed to cooperate in exchanging information. Andrew Kavasilas has a unique seed bank, useful for research into the benefits of cannabis for medicinal purposes. This seed bank is an accumulation of selectively chosen strains and chemovar varieties within a period of approximately two decades. Professor Meiri and his team of over 40 researchers at the Technion have isolated over 600 cannabinoids as a basis for his research. Cannabinoids are the chemicals which give the cannabis plant its medical properties.

    Management at Queensland Bauxite have had the good fortune and privilege of being able to organise this alliance between Professor Meiri and MCL. The task at hand was to research whether any of the isolated cannabinoids from the cannabis plant is able to treat autoimmune disease with special emphasis on multiple sclerosis. MS is an obvious target, as cannabis has been proven to help with multiple sclerosis pain. Moreover, any success in research done on the autoimmune disease of MS, will likely benefit research in other autoimmune diseases where proliferation of cells needs to be halted.

    Andrew Kavasilas said, "This news is fantastic, we understand how broad and complex the entire medical Cannabis issue is. If we're already finding specific cannabinoids of interest that we're capable of producing in vast quantities to treat identifiable medical conditions, product development could happen much sooner than I thought."

    Meiri's group at the Technion, have already started to screen for the immunoregulatory properties of many other cannabis strains/extracts that are available to them on immune cell function and MS immunopathology by applying their above developed method. After finding these strains they will isolate the specific compounds or combinations of compounds from the strains that were effective and will prove that these compounds or combinations of compounds are responsible for the observed effect.

    Next, they will demonstrate the immunomodulatory properties of specific cannabis extracts on various MS rodent models and identify specific compounds or combinations of compounds that can then be used in clinical trials as potential treatment for MS.

    Prof. Meiri commented, "These exciting results are a great foundation for our collaborative work. The Technion group finished establishing all the necessary systems for this work and we are thrilled with the preliminary results."

    MCL's medical cannabis research team, headed by Andrew Kavasilas and John Easterling, is currently building a local Australian research team to include representatives of conventional medical and scientific research. This team is intended to include the local Australian research and medical community in the leading research being undertaken in Israel. MCL intends to build a substantial presence being at the forefront of bringing cannabis solutions for today's most pressing health care concerns.

    Pnina Feldman Executive Chairperson of QBL concludes: "This discovery validates the potential value creation of our managements strategy to invest in cannabis genetics and medical research. According to Oristep Consulting, the size of the Autoimmune Disease Treatment Market was US$36bn in 2016. Following successful human trials which Professor Meiri believes can potentially be completed in Israel within 18 months, the expected outcome is for the specific product formulation to be patented and marketable by QBL/MCRG. The Board anticipates that this research could form the basis of an entirely new approach for autoimmune disease treatment. As the medicinal cannabis market propels into the next decade, MCL intends being at the forefront of life altering research and profit."

    To view figures, please visit:

    Queensland Bauxite Ltd
    Tel: +61-2-9291-9000
    For further information or any queries please email the Company at:

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    The Betmakers Holdings Limited (ASX:TBH) (OTCMKTS:TPBTF) ("TBH") refers to the offer document released to the ASX on 24 July 2018 ("Offer Document") relating to the retail component ("Retail Offer") of the accelerated non-renounceable pro-rata entitlement offer of fully paid ordinary shares in TBH ("New Shares") to raise approximately $6.7 million (before costs of the offer) ("Offer").

    TBH wishes to advise that, in order to provide its shareholders with additional time to accept their entitlement under the Offer, it has extended the closing date of the Retail Offer under the Offer Document to 5.00pm (AEST) on 14 August 2018.

    As a result, the revised timetable for the Offer is as follows:

    Retail Offer Closing Date(see Note below) - 14 August 2018

    Retail Offer Results - 17 August 2018

    Settlement of Retail Offer - 21 August 2018

    Anticipated Date of Issue of New Shares under the Retail Offer - 21 August 2018

    Quotation of New Shares issued under Retail Offer - 22 August 2018

    Dispatch of Holding Statements - 23 August 2018

    Note: Subject to the ASX Listing Rules, the directors of TBH retain the right to extend the closing date of the Offer at their discretion. Any extension of the Closing Date will have consequential effect on the anticipated date for issue of the New Shares.

    Charly Duffy
    Company Secretary
    M: +61-409-083-780
    Jane Morgan
    Investor & Media Relations
    M: +61-405-555-618

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    Emerging Northern Territory lithium developer, Core Exploration Ltd (ASX:CXO) ("Core" or the "Company") is pleased to announce a strongly positive update on metallurgical results achieved since the release of the Pre-Feasibly Study (PFS), which are expected to further enhance the robust economics demonstrated by the PFS.


    - Improving Recoveries of High Grade Lithium Concentrate in new metallurgical results are expected to be strongly positive for the upcoming Feasibility Study;

    - Recent metallurgical testwork shows a strong improvement in the assumptions utilised in the PFS, with up to 79% lithium recovery at a grade of 5.5% Li2O;

    - Overall mass yield of up to 27% of head feed;

    - Gravity only plant to be designed to deliver optimal yield;

    - Further test work demonstrates a DMS circuit can easily produce a 6.1% Li2O concentrate at good recoveries of 69%;

    - Testwork continuing to optimise recoveries and design in Feasibility Study.

    Recent metallurgical test work on core from the Grants deposit has delivered outstanding results and supports the business case for saleable concentrate from a simple DMS plant designed to use a gravity only circuit.

    High grade 5.5% lithium concentrate was produced at an elevated recovery of 79% in new metallurgical testwork for the design of a simple gravity separation plant using industry standard Dense Media Separation (DMS).

    These new results significantly improve on the results of the preliminary testwork conducted in 2017 that were utilised in the recent PFS assumptions, based on producing a 5.0% Li2O concentrate at 76% recovery (see Table 1 in link below).

    6.1% Li2O concentrate was also produced at good commercial recoveries of 69% using DMS at the same sizing in the recent testwork. Ongoing testwork will be further refined over coming months with the aim of optimisation of the production of higher concentrate grades to be considered in the Feasibility Study later this year.

    Commenting on the successes of the metallurgical testwork, Core's Managing Director Stephen Biggins said "Core's metallurgical test work completed to date shows that Core can produce high quality, spodumene concentrates with good recoveries through a simple, low capital cost DMS processing circuit, therefore avoiding the much higher capex requirements of a large flotation circuit.

    The high-grade lithium concentrate produced by Core is showing to be of excellent quality with low iron and low in other impurities being premium characteristics for customers.

    These new improved grades and recoveries in the recent testwork are likely to have a significantly positive affect on economics of the project and will be considered by Feasibility Study numbers that is underway and scheduled for completion later in the year."

    Positive Metallurgical Testwork Results

    The new metallurgical testwork was conducted on a composite sample from an additional five HQ 1/2 core diamond holes spatially distributed within the Grants Lithium Deposit located near Darwin in the Northern Territory.

    The sample, which had a head grade of 1.69% Li2O and 0.57% Fe2O3, was crushed to 5.6mm and screened at 0.5mm. The -5.6 +0.5mm fraction, which represented 83.7% of the mass and contained 86.9% of the lithium, was processed through two stages of 100mm DMS cyclone at Specific Gravity (SG) cut points of 2.9 and 2.7.

    The primary stage, which cut at 2.7 SG, rejected 52.9% of the total mass which contained 5.3% of the total lithium. The second stage DMS, which processed the sink fraction from the primary stage, was operated in a standard configuration at a cut point of 2.9 SG and produced a concentrate of 5.5% Li2O in 27 % of the overall mass and at a lithium recovery of 79%.

    The quality of the concentrate was excellent, with low content of key impurities. The iron (Fe2O3) was less than 0.71%, and combined alkalis (Na2O + K2O) were less than 3%.

    To view tables and figures, please visit:

    For further information please contact: 
    Stephen Biggins
    Managing Director
    Core Exploration Ltd
    T: +61-8-7324-2987
    For Media and Broker queries: 
    Andrew Rowell
    Director - Investor Relations
    Cannings Purple
    M: +61-400-466-226

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    Alt Resources Limited (ASX:ARS) (Alt or the Company) is pleased to provide this exploration update and advise the completion of the second phase of RC drilling at the Company's flagship Bottle Creek Gold Project located at Mt Ida gold belt, Western Australia.

    The second phase of RC drilling conluded on 31st July. Alt drilled 45 RC holes for a total of ~2,400m, including 29 holes at the Emu deposit and 16 holes at the Cascade prospect (previously XXXX). Holes were designed to validate historical drilling, test mineralisation extensions south of Emu and infill existing drill fences between Emu and Southwark (see Figure 1 in link below).

    All sampling from the second stage of the RC program has been delivered to the ALS laboratory in Kalgoorlie. Initial results from the first 800 metres are expected to be received over the coming weeks. All analyses should be completed within the next 4-5 weeks. ALS has reported a backlog of assay work due to the current high volume of drilling being undertaken in the West Australian goldfields.

    Consistent with the Corporate Strategy to fast track the Bottle Creek Project, Alt will commence Metallurgical and Flowsheet Development to establish an operation capable of processing an initial ~500ktpa ore with potential to expand in the future. The Company has engaged METS Engineering to review all historical documentation from the Bottle Creek gold plant and cost the Metallurgical Testwork and Flowsheet development.

    The Company has engaged Minecomp Kalgoorlie to commence the Mine Plan and Pit Optimisations for the pre-stripped Emu deposit and the Southwark deposit. On completion, the Mine Plan will be submitted to the Department to commence the approval process.

    Alt has focused on realising the Company's vision of expanding existing Mt Ida JORC Resources and making new discoveries in the Mt Ida Gold Belt. Alt is moving towards its goal of establishing a central gold production hub at the Bottle Creek mine site.

    The Company is planning to release the maiden JORC resource for the Bottle Creek project in August with a second resource upgrade to follow the maiden resource once Alt is in receipt of the second stage of RC drilling results and the resource modelling is completed.

    To view figures, please visit:

    James Anderson
    CEO Alt Resources Ltd
    Peter Taylor
    Investor Relations
    M: +61-412-036-231

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    Further to the ASX announcement dated 23 July 2018 and titled "Stage 1 Drill Programme Completed at Munarra Gully' ('Announcement'), Rumble Resources Ltd (ASX:RTR) ("Rumble" or "the Company") encloses an amended Announcement (see link below) that includes additional information in accordance with Annexure A, Example D of Guidance Note 8 and guidance from the Australian Institute of Geoscientists(see Note below), specifically additional detail on details of each interval of significant visual mineralisation, an estimate of the abundances for each of the minerals observed and an appropriate cautionary statement to highlight the uncertainty of visual estimates.



    To view the release, please visit:

    Shane Sikora
    Managing Director
    Phone: +61-8-6555-3980

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    Scout Security (ASX:SCT) has signed a partnership deal with Stanley Black & Decker, Inc. ((NYSE:SWK), 'SBD') to license Scout's home-security platform and hardware suite. A Fortune 500 company with a current market capitalisation of approximately US$22 billion, SBD is also the world's largest power tool and storage supplier, and the second largest provider of security services globally. Highlights of the announcement include the following.

    - SBD to license and sell Scout's home-security platform.

    - The partnership grants SBD the right to deploy the Scout software platform and hardware suite across its brands and security business units globally.

    - The combination of Scout's platform and SBD's offerings provides numerous near- and long-term opportunities in both residential and commercial security.

    - Work on establishing a commercial offering begins immediately, with SBD purchasing a block of prepaid licenses for AU$408,000 (US$300,000).

    Analyst comment: this is a complete game-changer for Scout.

    While SBD is best known in Australia for its range of high-quality power tools, many remain unaware of its status as a Fortune 500 company with a market capitalisation of around US$22 billion. Indeed, SBD is the leading provider of power tools and storage solutions globally and also - and more relevantly for the Scout partnership - the second largest provider of commercial electronic security solutions worldwide.

    That said, to date SBD's security solutions have encompassed largely commercial, hard-wired options. The Scout partnership, then, provides SBD with a quick, turn-key solution, allowing it a rapid move into the retail-focused, DIY home-security sector as early as 2019.

    Not surprisingly, given the size of SBD, a number of key terms of the partnership remain confidential. However, the initial upfront licensing fee does signal SBD's commitment to the relationship.

    The partnership involves SBD 'white labelling' Scout's hardware and software solutions to sell as its own products around the world. Given SBD's unrivalled distribution network, the short- and long-term impact on Scout's sales, and thus profitability, are likely to far exceed all previous expectations. We look forward to further information on this partnership being released in coming months.

    Valuation: despite the likely positive impact of this partnership on the company's long-term profitability, we maintain our valuation of Scout at $0.94 /share (share price $0.18/share), but will review it as more information on the Scout/SBD partnership is released.

    To view the video, please visit:

    Adam Kiley
    TSI Capital Pty Ltd
    M: +61-404-945-234

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    McEwen Mining Inc. (NYSE:MUX) (TSE:MUX) is pleased to announce the appointment of Chris Stewart, P.Eng., as the President and Chief Operating Officer (COO) effective September 1st, 2018. Chris replaces Xavier Ochoa who resigned as of July 13, 2018 to pursue an opportunity closer to his home and family in South America.

    "McEwen Mining is in a growth phase that relies heavily on engineering and execution of projects. In addition to growing organically, we seek opportunities to expand our production and resource base. Chris is an ideal executive to lead our organic growth initiatives, as well as evaluate and execute on acquisitions" said Rob McEwen, Chairman and Chief Owner.

    "I am excited to be joining McEwen Mining. It has acquired several high-quality assets in world class mining camps with tremendous exploration potential. Our focus will be on organic growth and ensuring that we maximize value from the current operations. We will also be looking for external growth opportunities that can be accretive to the business and contribute to our goal of qualifying for the S&P 500 Index" said Chris Stewart.

    Chris is a senior executive with 25 years of diversified experience in the mining industry. The foundation of his extensive experience came from the 14 years he worked for Dynatec/DMC Mining, a Canadian mining contracting company. In 2007, Chris transitioned to working for mining companies, where he has held senior executive roles over the past 11 years. Most recently Chris was the President & CEO of Treasury Metals, a junior gold developer focused on its properties in Northwestern Ontario. Prior to that he was the Vice President of Operations for Kirkland Lake Gold, where he was responsible for all mining and milling activities, and played an instrumental roll in the significant turnaround of the company between 2014 and 2016. He was also Vice President of Operations for Lake Shore Gold, where he was responsible for the sinking of the Timmins West Mine shaft, obtaining early production from a new portal to access at Timmins West, and the refurbishment and commissioning of the Bell Creek Mill and Mine. Chris also worked for BHP Billiton where he was in charge of two new shafts at the Jansen Potash Project during the freeze wall design and construction phase.

    Chris is a registered Professional Engineer in Ontario and holds a Bachelor of Science, Mining Engineering, from Queen's University.

    Mihaela Iancu
    Investor Relations
    T: +1-647-258-0395 ext 320

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    Goldfields Money Limited (ASX:GMY) ("Goldfields Money" or the "Company") announces that it received an unsolicited, non-binding, indicative and conditional proposal from Firstmac Holdings Limited ("Firstmac") through its advisers on 1 August 2018 to invest $20 million by way of a placement of new fully paid ordinary shares at an issue price of $1.40 per share ("Firstmac Proposal").

    The Firstmac Proposal was expressed to be subject to a number of conditions, including:

    - Immediate cancellation of the Finsure Transaction;

    - Goldfields Money Board support;

    - Goldfields Money shareholder approval; and

    - Execution of formal documentation including no shop, no talk, no due diligence and fiduciary exemption clauses.

    The Goldfields Money Board (other than John Kolenda given his personal interest in the matter) considered the Firstmac Proposal in accordance with their duties and having regard to the Share Sale and Purchase Agreement that governs the Finsure Transaction, which includes no shop, no talk and no due diligence provisions. The Goldfields Money Board did not consider the Firstmac Proposal to be in a form capable of acceptance or warranting further investigation. The Firstmac Proposal lapsed at 11am Brisbane time on 2 August 2018.

    Goldfields Money will continue to keep the market informed of any material developments in relation to the Firstmac Proposal and the Finsure Transaction in accordance with its continuous disclosure requirements. Goldfields Money shareholders do not need to take any action in relation to the Firstmac Proposal at this stage.

    The Goldfields Money Board remains fully committed to acting in the best interests of, and maximising value for, all Goldfields Money shareholders.

    Goldfields Money's financial adviser is Azure Capital and its legal adviser is Lavan.

    Investor / Media Enquiries
    Simon Lyons
    Executive Director & CEO
    Goldfields Money
    Ph: +61-8-9438-8810
    Andrew Rowell
    Director - Investor Relations
    Cannings Purple
    M: +61-400-466-226

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    WA-focused gold exploration and development company Classic Minerals Limited (ASX:CLZ) ("Classic", or "the Company") is pleased to announce that it has successfully completed a Placement ("Placement") to raise $1.8 million before costs. The raising received significant demand from new domestic and international shareholders and was managed by leading Perth and Sydney-based stock broking firms.


    - $1.8 million raised via Placement to institutional and sophisticated investors located in Australia at $0.0045 per share

    - Strong demand from new major domestic institutional and high net worth investors

    - Funds will be used to progress upcoming drilling program at the Forrestania Gold Project

    - Further review of Fraser Range Nickel-Copper-Cobalt project in light of the nearby discovery made by famed prospector, Mark Creasy


    The Placement leaves Classic well positioned to commence an aggressive exploration and resource delineation drill program at its Forrestania Gold Project ("FGP").

    Classic CEO Dean Goodwin said:

    Following the outstanding results of our last drilling program, including multiple high-grade gold hits at Kat Gap and Lady Magdalene, we are very excited to be heading back to the FGP to undertake an aggressive follow up drill program. As you will see, this drill program is focussed more so on our 100% Kat Gap project which delivered outstanding results during the previous 2 drill campaigns and is shaping up to become a prolific shallow high-grade gold deposit with so much remaining upside potential. We have only tested 140m of 3.5km of potential strike along this granite-greenstone contact and intersected a new zone of mineralisation in the granite.

    We are also very happy to be continuing the extensional drilling at Lady Magdalene and Lady Lila which remain flagship assets in our FGP portfolio.

    The sustained exploration work at FGP would not be possible without the support and belief of our new shareholders and existing shareholders. We are pleased to note the participation of three leading stockbroking firms from Perth and Sydney.


    The Placement comprises the issue of 400 million fully paid ordinary shares ("Placement Shares") at an issue price of $0.0045 to institutional and sophisticated investors in Australia and internationally, raising $1.8 million (before costs).

    The Placement will raise approximately A$1.8m via the issue of 400m New Shares pursuant to the Company's existing placement capacity under ASX Listing Rules 7.1 and Resolution 15 from the Company's General Meeting dated 27 June 2018 The issue price of $0.0045 represented a 10% discount to the last closing price of $0.005 on Monday 30 July 2018. Placement Shares will rank equally with existing fully paid ordinary shares. Settlement of the Placement is expected to be completed before Friday, 10 August 2018.


    Funds raised from the Placement will be used to fund exploration activities at the FGP and for general working capital.

    Following the encouraging results (see ASX announcement dated 24 July 2018) from its last program at Kat Gap and Lady Magdalene, the Company will be targeting these areas again with additional drilling. In addition, Classic will also be returning to Lady Lila to continue efforts to locate high grade mineralisation that has been missed by previous explorers.

    The Company plans to undertake the following drilling activities during August 2018:

                     Table 1: Proposed Drilling 
    Prospect         Drill Type       No of Holes       No of Metres 
    Kat Gap          RC               12                1,200m 
    Lady Lila        RC               5                 360m 
    Lady Magdalene   RC               5                 500m  
    TOTAL                             22                2,060m 
    Lady Lila is a BIF hosted gold deposit that is similar in geological characteristics to Bounty and Blue Vein (held by KDR) which are prolific, high grade gold deposits in the region. Previous drilling by Classic at Lady Lila confirmed the existence of a thick, steep east dipping ore zone warranting additional follow up. The upcoming drill program (5 RC holes for 360m total) will focus on extending the mineralisation along strike and at depth.

    Kat Gap contains a shallow unmined gold deposit discovered in the 1990s, which was the subject of resource estimations and scoping study by Sons of Gwalia in 2003. High grade RC drill intercepts include 15 m @ 15.1 g/t Au from 39 m depth and 6 m @ 19.1 g/t from 17 m depth. The open-ended deposit lies within a 5 km long geochemical gold anomaly that has seen very little drill testing, and after the previous drill program just completed, Classic sees great potential for the discovery of a substantial shallow high-grade gold deposit within the Kat Gap project area and the upcoming program will be testing for extensions of the high grade system. Recent drill holes FKGRC006 - FKGRC010 (inclusive), FKGRC012, FKGRC013 and FKGRC015 all tested the main contact lode with hole FKGRC008 drilled close to the Proterozoic dyke. Better results from these holes included: 8m @ 19.05 g/t Au from 32m including 4m @ 28.80 g/t Au from 32m in FKGRC008; 12m @ 7.52 g/t Au from 39m including 2m @ 20.20 g/t Au from 48m in FKGRC006; 12m @ 5.39 g/t Au from 30m including 1m @ 20.80 g/t Au from 30m in FKGRC012 and 4m @ 9.53 g/t Au from 70m including 1m @ 26.60 g/t Au from 72m in FKGRC014.

    As part of the August drilling campaign, Classic has 12 holes planned at Kat Gap for a total of 1,200m.

    Lady Magdalene is a large, modestly graded deposit which appears to host high-grade, cross-cutting gold lodes within existing drill lines that are 100-200m apart (see ASX announcement dated 22 March 2018). Previous diamond and RC drilling (see ASX announcement dated 24 July 2018) successfully confirmed the existence of such lodes and the planned drilling will further test the extent of strike, dip and grade of these high grade cross-cutting lodes. During the most recent drill campaign at Lady Magdalene, Classic drilled 10 RC holes for 938m on two north-south oriented traverses, as opposed to all historical drilling which is east-west, in an attempt to locate east-west striking Lady Ada style high-grade cross-cutting quartz veins. Of the 10 holes completed, 3 intersected quartz veining in a potential east-west orientation. These holes returned high-grade results including: 1m @ 13.40 g/t Au from 64m in MARC058; 1m @ 9.36 g/t Au from 44m in MARC059 and 4m @ 3.90 g/t Au from 46m in MARC056. The 3 new cross-cutting quartz veins initially appear narrow but have the potential to thicken rapidly over short strike lengths similar to Lady Ada.

    As part of the August drilling campaign, Classic has 5 holes planned at Lady Magdalene for a total of 500m.


    Event: Announcement of the Results of the Placement and Voluntary Trading Halt lifted
    Date / Time (AWST): Friday, 3 August 2018

    Event: Settlement of new shares issued under the Placement
    Date / Time (AWST): Friday, 10 August 2018

    Event: Allotment and Trading of new shares issued under the Placement
    Date / Time (AWST): Monday, 13 August 2018

    1. The above timetable is indicative only and subject to change. Classic, in conjunction with the Lead Manager (Argonaut Securities Pty Ltd), reserves the right to amend any or all of these events, dates and times subject to the Corporations Act 2001 (Cth), the ASX Listing Rules and other applicable laws.


    The company intends to do an extensive review of its dataset for its Fraser Range project in light of the recent Nickel-Copper-Cobalt discovery made by renowned explorer Mark Creasy. Industry speculation is that the discovery could be at least one-third the size of the 2012 Nova-Bollinger discovery, acquired by IGO in its $1.8 billion acquisition in 2015 of Mark Bennett's Sirius Resources. The map below shows the proximity of Classics tenement to Creasy's new Nickel-Copper-Cobalt discovery. As can be seen, Classics tenement is within 8km of the new Creasy group discovery: (see link below)

    Classic's previous results at Fraser Range include.

    - Securing 28km strike across 84km2 on the Fraser-Albany complex belt

    - Located 40km North-East of Sirius' Nova -Bollinger Discovery

    - Shallow Drilling at Mammoth prospect intersected thick zones of mixed sulphides, Including visible nickel and copper sulphides

    - Disseminated, Blebby, Vein and Semi-Massive styles of sulphides.

    - Thickness up to 24m down-hole

    - Close to surface - from 25m to ~100m so far including

    o FRRC040; 2m @1.025 Ni from 106m

    o FRRC039; 1m @ 1.4% Cu from 42m; and

    o FRRC036: 5m @ 0.1 co from 10m

    - DHEM and ground loop work has helped determine strike, depth extension and potential feeder structures at Mammoth

    - Conductor now drilled to over 240m in length and open

    - Mineralisation is sub vertical and plunges to the north east

    The Fraser Range tenement also includes the Alpha Copper Deposit Located 3km South West of Mammoth Ni discovery Including:

    - 1m of 1.95% Cu from 104m (FRRC001) (Discovery Hole)

    - 1m of 1.04% Cu from 27m (FRRC016) Within 5m at 0.47% Cu

    - 5m thick zone of 0.57% Cu (FRRC013)

    - 1m of 1.27% Cu from 36m (FRRC024) Within 2m at 0.795 Cu

    - Thicker zones from 2m-8m of copper mineralisation from 0.2% Cu to 0.70%

    - Copper occurs throughout the deposit and is open at North and South.

    In addition, Classic recently identified 300m of continuous surface cobalt mineralisation at its Rubys Reward prospect, 160km east-southeast of Kambalda in the Fraser Range region of Western Australia (see ASX announcement dated 18 April 2018).

    The assay results up to 0.14% cobalt were discovered following a review of the company's historical reports and data sets.

    A closed spaced geochemical sampling program will be undertaken at Rubys Reward in the near term. Classic will also undertake geological mapping and reconnaissance. Classic is excited about the potential of the Fraser Range tenement and the renewed exploration interest in the region.


    The FGP Tenements (excluding Kat Gap and Lady Lila) are registered in the name of Reed Exploration Pty Ltd, a wholly owned subsidiary of ASX listed Hannans Ltd (ASX:HNR). Classic has acquired 80% of the gold rights on the FGP Tenements from a third party, whilst Hannans has maintained its 20% interest in the gold rights. For the avoidance of doubt Classic Ltd owns a 100% interest in non-gold rights on the Kat Gap and Lady Lila Tenements including but not limited to nickel, lithium and other metals.

    The FGP contains an existing Mineral Resource of 5.3 Mt at 1.39 g/t for 240,000 ounces of gold, classified and reported in accordance with the JORC Code (2012), with a recent Scoping Study (see ASX Announcement released 2nd May 2017) suggesting both the technical and financial viability of the project. The current post-mining Mineral Resource for Lady Ada, Lady Magdalene and Lady Lila is tabulated in link below.

    Additional technical detail on the Mineral Resource estimation is provided, further in the text below and in the JORC Table 1 as attached to ASX announcements dated 14th March 2017 and 21st March 2017.

    To view tables and figures, please visit:

    Classic Minerals Ltd
    T: +61-8-6305-0221

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    Carnarvon Petroleum Limited ("Carnarvon") (ASX:CVN) (OTCMKTS:CVONF) is pleased to provide the following update on the drilling of the Phoenix South-3 ("PS-3").


    The 7-5/8" liner has been set and cemented in place down to around 5,205 metres Measured Depth ("MD") and the well has commenced drilling ahead.

    Current Operations

    The rig is currently drilling ahead at approximately 5,210 metres MD.

    The primary Caley Member is anticipated to be encountered in this section of the well.

    Forward Plan

    The well will continue drilling ahead to a depth of approximately 5,500 metres MD.

    Controlled Drilling through Reservoir section

    The previously drilled Phoenix South-2 ("PS-2") well was unable to fully evaluate the Caley Member due to high pressures encountered in that well. The PS3 well plan and its associated procedures employ controlled drilling operations prior to and during the drilling of the reservoir section. As a consequence, drilling progress will be slower than that previously experienced in the other wells in the Phoenix project.

    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 28 March 2017.

    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.

    Project equity Owners: 
    Carnarvon Petroleum              20% 
    Quadrant Energy (Operator)       80%  

    To view figures, please visit:

    Investor inquiries:
    Thomson Naude
    Company Secretary
    Phone: +61-8-9321-2665
    Media inquiries:
    Luke Derbyshire
    Managing Director, Spoke Corporate
    Phone: +61-488-664-246

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