Anglo Pacific Group Four Mile

RNS Number : 3010P

Anglo Pacific Group PLC

23 March 2009

 

Anglo Pacific Group PLC ('Anglo Pacific')

23 March 2009

Royalty Acquisition

Anglo Pacific is pleased to announce it has acquired the Four Mile royalty from IMX Resources Ltd (IMX) for $A6 million.

The royalty covers the Beverley Four Mile uranium project in South Australia, a joint venture between Quasar Resources Pty Ltd and Alliance Resources Ltd.  IMX sold the 1242-square kilometre Arkaroola tenements to Alliance in 2002 and the JV went on to discover the Four Mile prospect within the licence in 2005.

Four Mile now has an inferred resource of 32 million pounds of uranium grading 0.37% uranium oxide (U3O8), with a 3Mlb per annum operation set to commence early next year. The royalty entitles the holder to a 1% net smelter royalty from any production on the tenements.

The royalty acquisition is subject to regulatory approvals and settlement is expected to occur within 60 days.

Anglo Pacific is a public limited company quoted on the London Stock Exchange and the Australian Stock Exchange. It generates returns for its shareholders by receiving royalties, including from coal mines in Australia operated by BHP and Rio Tinto. The strategy of Anglo Pacific is to pay a substantial proportion of these royalties to shareholders as dividends, while reinvesting the balance in strategic listed and unlisted mineral exploration and production opportunities with a view to obtaining more royalties for shareholders

For further information and enquiries: 

Anglo Pacific Group Plc [phone] 

Peter Boycott, Chairman 

Matthew Tack, Finance Director 

Brian Wides, Chief Executive Officer 

Website:  www.anglopacificgroup.com.

Liberum Capital [phone] 

Chris Bowman 

Simon Stilwell 

Scott Harris  [phone] 

Stephen Scott 

James O'Shaughnessy

 

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