Response to Media Speculation - Exploration Lic...
ASX, AIM and Media Release
8 January 2013
RESPONSE TO MEDIA SPECULATION
Base Resources Limited (ASX:BSE; AIM:BSE) ("Base" or the "Company") notes the
media speculation in relation to a gazette notice recently issued by the Kenyan
Minister of Environment & Mineral Resources purporting to cancel three
exploration licenses held by Tiomin Kenya Limited and subject to an option
agreement with Base.
The exploration licenses concerned cover the Kilifi, Mambrui and Vipingu
projects on which Base has been conducting drilling and metallurgical test work
and evaluations over the last 18 months.
The Company has not as yet received formal notification from the Department of
Mines & Geology or any explanation of the rationale for this action. Base
believes it is in full compliance with the terms of these licenses and has
submitted all required quarterly activity reports. Furthermore, the Company
successfully had these three licenses renewed in 2011 and 2012, as such, Base
can see no legal basis for the gazette notice purporting to now cancel them.
Consequently, the Company is taking the appropriate legal action to protect the
rights.
The gazette notice has no relationship in any way to the Company's 100% owned
Kwale Project which is covered by a 21 year Special Mining Lease held directly
by Base.
A full PDF version of this announcement is available at the Company's website:
www.baseresources.com.au.
ENDS
For further enquiries contact:
Base Resources Limited
Tim Carstens
Managing Director
Email: tcarstens@baseresources.com.au
Phone: +61 (8) 9413 7400
RFC Ambrian Limited (Nominated Adviser and Broker)
As Nominated Adviser As Broker
Andrew Thomson or Trinity McIntyre Caspar Shand-Kydd
Phone: +61 (8) 9480 2500 Phone: +44 20 3440 6800
Tavistock Communications (UK Media Relations)
Jos Simson/ Jessica Fontaine/ Emily Fenton
Phone: +44 20 7920 3157
Cannings Purple (Australian Media Relations)
Annette Ellis / Warrick Hazeldine
Email: aellis@canningspurple.com.au
whazeldine@canningspurple.com.au
Phone: +61 (8) 6314 6300
Corporate Details:
Board of Directors: Principal & Registered Contacts:
Office:
Andrew King Non-Executive Chairman Level 1 Email:
Tim Cartsens Managing Director 50 Kings Park Road info@baseresources.com.au
Colin Bwye Executive Director West Perth Phone: (08) 9413 7400
Sam Willis Non-Executive Director WA 6005 Fax: (08) 9322 8912
Michael Anderson Non-Executive Director
Trevor Schultz Non-Executive Director
Winton Willesee Non-Executive Director/ Company Secretary
About Base Resources
Base Resources Limited (ASX:BSE) is developing the world-class Kwale Mineral
Sands Project in Kenya, East Africa. Kwale is an advanced and highly
competitive project in a sector with a significant forecast supply shortfall
widely expected to emerge in the medium term.
The Kwale Project represents an advanced development opportunity with all
material project approvals, permits and licenses required for development
currently in place, funding in place and construction of all project elements
underway.
The Project enjoys a high level of support from the Government of Kenya as well
as the local community and, located just 50km from Mombasa, Kenya's principal
port facility, is well serviced by existing physical infrastructure.
Importantly, two pilot plant operations at Kwale provide confidence in
processing behaviour and indicate a suite of readily marketable products. The
Project's high value mineral assemblage and low stripping ratio result in a
projected revenue to cash cost ratio that would place Kwale in the top quartile
of world producers.
A realistic development time line should see the Kwale Project in production in
the second half of 2013.
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