Information  X 
Enter a valid email address

All Star Minerals PLC (ASMO)

  Print      Mail a friend

Monday 16 June, 2014

All Star Minerals PLC

Extension to Agreement


16 June 2014

                             ALL STAR MINERALS PLC                             

                         ("All Star" or "the Company")                         

                            Extension To Agreement                             

Further to the announcement made on 23 January 2014, All Star Minerals plc is
pleased to announce that its wholly-owned subsidiary, NQ Mines Pty Ltd, has
agreed to extend the completion date for the proposed acquisition of The Big
One project to 31 December 2014.

Completion of the acquisition was subject to certain conditions precedent being
met, as follows:

  * The mining lease being renewed on or before 1 May 2014, on terms normally
    applicable to the grant of such lease;
   
  * The relevant government agency issuing consent to the transfer or
    assignment of the tenement to the Purchaser on or before 1 May 2014.
   
All Star believes that significant progress has been made by the vendor to meet
these conditions precedent, and believes it is in the best interest of both
parties to extend the completion date to 31 December 2014.

No further payments have been or will be made by the Company to extend the
completion date. Upon completion of the acquisition, the Company will still be
obliged to pay the remaining Au$140,000 to the vendor as well as any security
deposit required to be paid to a government agency.

For further information on The Big One project, investors are advised to read
the announcements made by the Company on 12 November 2013 and 23 January 2014.

COMMENTING, TOMAS NUGENT, CHAIRMAN, SAID:

"We are pleased to announce the extension to the agreement, and continue to
believe that The Big One has the hallmarks of becoming a profitable producing
asset to the Company based on the historical geological data we have."

The Directors of the Company are responsible for the contents of this
announcement.

ENQUIRIES:

All Star Minerals plc
Tomas Nugent, Chairman
Conrad Windham, CEO
01366 500722
www.allstarminerals.co.uk

ISDX Corporate Adviser
Cairn Financial Advisers LLP
Liam Murray
020 7148 7900

a d v e r t i s e m e n t