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12 Mar 2009 07:00
12 March 2009
Bidtimes Plc
("Bidtimes" or "the Company")
Exploration Activities Update
In the circular to Shareholders issued on 6 June 2008 the Board of Bidtimes Plc outlined a new investing strategy focusing on investing in the mineral and energy resources sectors. The Company raised £440,000 before expenses by way of a placing and entered into a joint venture agreement with ASX listed company, Burey Gold Limited ("Burey Gold"), to invest in three uranium tenements: Yankalilla Area, Taraleach-Loch Area and Port Lincoln Area, all in South Australia.
Under the terms of the joint venture agreement the Company committed to acquire a 10% joint venture interest in each of the tenements by committing to incur minimum expenditure of A$130,000.
Initial exploration work on the three tenements has indicated that they do not have the prospectivity to justify ongoing expenditure and they have been dropped from the Company's exploration portfolio. They have been replaced by another joint venture project with Burey Gold Limited.
The new property is the exploration licence over the Kyber Pass Area, southeast of Marla in Southern Australia. This covers an area of approximately 367km² and again the exploration targets are uranium, copper and gold. The Company has undertaken to fund the exploration costs (estimated to be of the order of A$700,000) up to completion of a bankable feasibility study to earn an 80 per cent. interest in the joint venture property. Minimum first year expenditure is approximately A$65,000. The Company must also pay the A$3,300 application costs and A$10,000 for Burey Gold 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, particularly in Australian dollar terms, and interest in uranium the Directors believe that this new property offers shareholders good opportunity for exposure to both commodities.
Enquiries:
Tony Brennan, Executive Chairman +61 8 9421 2111
Bidtimes Plc
Tim Cofman, Director +44 (0)121 265 6330
WH Ireland
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