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Blenheim Natural Res (TSI)

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Monday 27 February, 2017

Blenheim Natural Res

Extension of Option to Invest in Lithium Project

RNS Number : 9746X
Blenheim Natural Resources PLC
27 February 2017
 

 

27 February 2017

 

Blenheim Natural Resources Plc

("Blenheim" or the "Company")

 

Extension of Option to Invest in Lithium Project in Mali

 

Blenheim announces that its option to acquire a 30 per cent interest in the Dieba exploration permit in Southern Mali ("Dieba") has been extended until 31 March 2017.

 

Blenheim's Chairman Chris Ells commented, "Xantus Inc ("Xantus") has agreed to extend Blenheim's option to acquire a 30 per cent interest in the Dieba exploration permit  so that we can consider how Blenheim can further collaborate and work with Xantus to broaden the Company's investments in assets with lithium potential. We are also working to identify and appraise other lithium opportunities and we continue to evaluate potential strategic investments in good projects and assets in the wider natural resources and agribusiness sectors, in line with our investment strategy."

 

Background to the option agreement with Xantus

 

Xantus holds interests in four licences in Mali, including Dieba, and four in Niger, all with geology conducive to lithium deposits. The Dieba exploration permit is located about 150km south of the Malian capital, Bamako. Dieba is adjacent to Birimian Limited's Bougouni Lithium Project and Xantus and Blenheim believe that Dieba may host similar lithium-rich pegmatites. The option agreement with Xantus gives Blenheim the right to acquire a 30 per cent interest in Dieba from Xantus for a consideration of £175,000 in cash, (which will be used by Xantus to fund exploration at Dieba) and 60,000,000 ordinary shares of 0.1 pence each in the capital of the Company. Blenheim paid £25,000 to secure this option.  The original expiry date of the option was 28 February 2017, but Xantus has now agreed to extend the option until 31 March 2017.

 

 

Ends

 

For further information please contact:

 

Chris Ells

Blenheim Natural Resources Plc

+44 (0) 1622 844601

 

 

 

Colin Aaronson/Jamie Barklem/ Daniel Bush

Grant Thornton UK LLP

+44 (0) 20 7383 5100

 

 

 

Nick Emerson

SI Capital Ltd

+44 (0) 1483 413500

Lucy Williams / Duncan Vasey

Peterhouse Corporate Finance Limited

+44 (0) 20 7469 0932

Colin Rowbury

Cornhill Capital Limited

+44 (0) 20 7710 9610

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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