RNS!!!8 Apr 2015 10:07
TIDMHUN
RNS Number : 5891J
Hunter Resources PLC
08 April 2015
8 April 2015
Hunter Resources plc
("Hunter" or the "Company")
(AIM: HUN)
Further Revised Terms of Agreement with the Owner of Pampamali
Following the Company's announcements on 19 March 2015 and 22 December 2014, the board of Hunter is pleased to announce that it has completed negotiations of the improved terms to the Joint Venture agreement with the current owner of the Pampamali Project (as defined in the announcement of 9 June 2014). Hunter now has the right to acquire a 51% interest in the Pampamali Project at any time, but no later than 12 months from the receipt of the DIA (an environmental impact assessment), for a further reduced payment of US$90,000 as against US$115,000 (as previously announced on 22 December 2014). In addition, as part of the improved terms Hunter has agreed to assume certain 2014 tenement costs totaling US$34,000, previously payable by the current owner. The savings to Hunter as a result of the improved terms are now circa US$601,000 compared to the amounts outlined in the Company's AIM Admission Document and announcement of 9 June 2014.
The revised Joint Venture agreement has now been entered into.
Simon Hunt, Executive Chairman of Hunter, said: "The finalisation of the revised Joint Venture Agreement with the owner of Pampamali is an important step for the Company and we are delighted to have improved the terms on which we can move to a controlling interest."