28 Jan 2014 07:00
28 January 2014
CEB Resources plc
("CEB" or "the Company")
Definitive Agreement Signed for Australian Copper Zinc Project in NSW
CEB Resources plc (AIM: CEB), the mining projects investment company, is pleased to announce that it has exercised its option over the Australian Zinc-Copper project as announced 18 December 2013.
An airborne time-domain electromagnetic and aeromagnetic survey will commence shortly at the Peelwood Zinc-Copper Project ("Peelwood" or the "Project") in New South Wales as part of a new exploration program.
The survey is designed to identify new targets for exploration drilling aimed at increasing the overall Mineral Resource at the Project, laying the foundations for potential additions to the mineable Ore Reserves.
The Peelwood ore bodies are massive to semi-massive sulphide bodies that are electrically conductive and this type of airborne survey is particularly suited to detecting buried conductors within the first 100m from surface.
CEB Resources reached agreement with ASX listed Balamara Resources to farm into the Peelwood Project in three stages, with a total cash commitment of AUD $1.2 million, in order to progress the project to the next stage of development subject to positive results. CEB Resources at its election can earn up to 49% of the Project.
Both companies are seeking an extension to the existing mineable Ore Reserve at Peelwood as a catalyst for a decision to mine.
Peelwood is an advanced high grade zinc-copper project on which Balamara has completed considerable work. The existing mine life is currently considered too short to warrant the required capital investment to start a mine. Accordingly, an extensive aeromagnetic survey over the entire concession area has been prioritised in order to identify any further anomalies that may be considered as priority targets for further drilling.
Cameron Pearce, CEB Resources Chairman, commented;
"Having now completed our first financing we are pleased to announce the execution of the option over the Australian Zinc Copper project in New South Wales. These are exciting times for both companies with the electromagnetic and aeromagnetic survey and associated interpretation expected to be completed by the end of Q1 2014 and we look forward to updating the market and our shareholders in due course."
Further information, please contact:
CEB Resources plc Cameron Pearce / Jeremy King | Tel: +44 (0) 1624 681250 |
Peterhouse Corporate Jon Levinson / Lucy Williams
| Tel: +44 (0) 207 469 0930
|
N+1 Singer James Maxwell / Nick Donovan | Tel: +44 (0)207 496 3000 |