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12 Mar 2009 07:00
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12Β March 2009
Bidtimes PlcΒ
("Bidtimes" or "the Company")
Exploration Activities Update
Β
In the circular to Shareholders issued on 6 JuneΒ 2008 the Board of Bidtimes Plc outlined a new investing strategy focusing on investing inΒ theΒ mineral and energy resourcesΒ sectors. The Company raised Β£440,000 before expenses by way of a placingΒ and entered into a joint ventureΒ agreement with ASX listed company,Β Burey Gold LimitedΒ ("Burey Gold"),Β to invest inΒ threeΒ uraniumΒ tenements: Yankalilla Area,Β Taraleach-Loch Area andΒ Port Lincoln Area,Β all inΒ South Australia.
UnderΒ the terms of the joint venture agreement the CompanyΒ committed to acquire a 10% joint venture interest in each of the tenements by committing to incur minimum expenditure of A$130,000.Β
InitialΒ explorationΒ workΒ on the three tenementsΒ has indicatedΒ that they do not have theΒ prospectivityΒ to justify ongoing expenditureΒ andΒ theyΒ have been dropped fromΒ the Company's exploration portfolio. They have been replaced byΒ anotherΒ joint ventureΒ projectΒ with Burey Gold Limited.Β
The new property is theΒ exploration licenceΒ over the Kyber Pass Area,Β southeast of Marla inΒ Southern Australia. This covers an area of approximately 367kmΒ² andΒ again theΒ exploration targetsΒ areΒ uranium, copper and gold. The Company has undertaken to fund the exploration costsΒ (estimated to be of the orderΒ of A$700,000) up to completion of a bankable feasibility studyΒ to earnΒ an 80 per cent.Β interest in theΒ joint ventureΒ property. MinimumΒ firstΒ yearΒ expenditureΒ isΒ approximatelyΒ A$65,000.Β The Company must also pay theΒ A$3,300 application costsΒ and A$10,000 for BureyΒ GoldΒ to carry out a full geological assessment of the area to identify possible drilling targets.
In light of the significant increases in the gold price,Β particularly in Australian dollar terms,Β and interest in uranium the Directors believe that this new property offers shareholders good opportunity for exposure to both commodities.Β
Β
Enquiries:
Tony Brennan,Β Executive Chairman +61 8 9421 2111
Bidtimes Plc
TimΒ Cofman,Β Director +44 (0)121 265 6330
WH Ireland
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