ROHSTOFF INTERNATIONAL |
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0:00 | 16.04.2010
Dynasty Metals Australia Limited (ASX:DMA) Announces Board Approval Exploration Program And Rationalisation Of Non-Core Tenements
Dynasty Metals Australia Limited (ASX:DMA) is pleased to announce that since the successful conclusion of the recent placement by Patersons Securities, the Board of Directors has now approved Phase 1 of the 2010 Exploration Expenditure Program of approximately A$2.5M for the Prairie Downs Project. 2010 Exploration Phase 1, Program The program is designed to: - Complete infill drilling of the 453M tonne Spearhole Deposit The results of the Phase 1 program will be used to define the Phase 2 program. Work will also commence during Phase 1 on investigations into infrastructure options and the early preparations for environmental and native title clearances required to support any future project development. Rationalisation of Non-Core Tenements To ensure the Company remains focussed on its Pilbara iron ore projects, the Board has decided to transfer all its non-iron tenements to the following three new wholly owned subsidiaries: 1. Scorpion Resources Limited – Stanley Nabberu Tenements (base metals, gold and uranium) 2. Irwin Energy Limited – Irwin River Coal and Petroleum Exploration Licenses (coal and coal seam gas) 3. Taurus Resources Limited – W.A. and N.T. uranium, Victorian gold projects. The Board has been in advanced discussion with various brokers which have expressed interest in supporting the spin-off of the above three subsidiaries. It is also the Board’s intention to seek additional projects to be injected into the three subsidiaries, and wherever possible and viable to advance each entity to public listing. On completion of the tenement transfer and securing further tenements as may be appropriate, the Board intends to provide a priority-offer and/or in-specie distribution of the shares in the subsidiaries to Dynasty shareholders at that time, so as to unlock value in these areas for the benefit of shareholders. About Dynasty Metals Australia Limited: Dynasty Metals Australia Ltd (ASX Code: DMA) is a dynamic exploration company. Since listing on the ASX in December 2005, Dynasty has laid the foundations for growth as an emerging Australian metals company. The company has an impressive portfolio of exploration projects in WA, NT and Victoria including Iron Ore, Gold, Uranium, Coal Seam Gas and other metals. The Directors and Management of Dynasty are currently focusing on its flagship Iron Ore and Coal Seam Gas projects in Western Australia and aim to start an aggressive drilling in 2009 on these tenements. Contact: Lewis Tay Source: Dynasty Metals Australia Limited Copyright (C) 2010 ABN Newswire. All rights reserved. |
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