Kendrick teams up with Bonya to further Namibia rare-earth project

(Alliance News) - Kendrick Resources PLC on Monday announced it entered into a definitive agreement with Bonya Exploration Pty Namibia to hold a majority interest in their rare earth exploration licences.

The London-based resources exploration and development company, which had until May to exercise an option on two of Bonya's licences after it signed an exclusive prospective deal, said the exercise of the option comes after "satisfactory" technical due diligence.

As such the projects, close to Luederitz in Namibia, "have very high potential relative to other global rare earth projects. We are particularly pleased with the huge amount of data that we will inherit", said Kendrick's Executive Chair Colin Bird.

Kendrick's consideration for the two licences includes USD300,000 in cash and 22 million of its locked-in shares with a further USD500,000 and 3 million shares to be granted in 18 months for Bonya and Wilhelm Shali, a Namibian businessman with mining experience.

Shali has also been appointed by Kendrick as the board's non-executive director.

"We are wasting no time in commencing our drill programme conducting further metallurgical test work and progressing the project with a fast-track approach. Initial observations and results suggest that the concentration of elements are in the magnetic properties grouping...Essentially we are entering into a potentially high grade, high tonnage, much sought after rare earth arena which may well be one of the major undeveloped projects on the planet," Bird added.

Kendrick shares were up 21% to 2.43 pence each on Monday at midday in London.

By Martin Miraglia, Alliance News reporter

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