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Blenheim Natural Res (TSI)

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Monday 19 June, 2017

Blenheim Natural Res

Progress Report

RNS Number : 4942I
Blenheim Natural Resources PLC
19 June 2017
 

19 June 2017

Blenheim Natural Resources Plc

("Blenheim" or the "Company")

Progress Report

In view of recent shareholder enquiries, the board of Blenheim wishes to provide an update on its activities. The Company is currently reviewing a number of investment opportunities, including lithium assets in West Africa, base metals in Africa and Europe and precious metals in Africa.

Nashwan

On 30 March 2017, Blenheim announced that it has conditionally acquired a 30 per cent interest in Nashwan Holdings Ltd ("Nashwan") on terms set out in that announcement.  Completion of the transaction is conditional, inter alia, upon Nashwan successfully being granted exploration licences over its two prospecting permit areas within 90 days of completion of the agreement with the vendor, being 10 August 2017, or such later date agreed between Blenheim and the vendor of the interest in Nashwan.  

Blenheim has satisfactorily completed due diligence on Nashwan and its assets. Nashwan has advised the Company that the procedures for granting the exploration licences have been completed and that the licences are now waiting signature by the Minister of Mines.  Nashwan has engaged an exploration contractor and agreed the programme of work.

Dieba Option and Xantus

On 18 January 2017, the Company announced that it had acquired an option to purchase a 30 per cent interest in the Dieba exploration permit in Southern Mali from Xantus Inc. ("Xantus") on terms set out in that announcement ("Dieba Option").

Xantus is a BVI incorporated private mineral exploration company, which has assembled a portfolio of permits in Mali and Niger prospective for lithium, covering in excess of 1,500 sq km. Further information on Xantus can be found on its website at: http://www.xantus-inc.com/

Blenheim is in discussion with Xantus and its shareholder about expanding its interest across the whole Xantus lithium portfolio.  The discussions and related inquiries are at an advanced stage, but there can be no assurance yet that any transaction will be concluded with Xantus in respect of either Dieba or any other assets. If the discussions are successful, it is proposed that Blenheim and Xantus will terminate the Dieba Option by mutual agreement.   The Dieba Option may be exercised by the Company on or before 30 June 2017 and the directors will continue to assess the opportunity and consider the Company's position in relation to the Dieba Option as discussions with Xantus and its shareholder progress.

A further announcement will be made in due course.

Other opportunities

Blenheim has been offered opportunities to make strategic investments in a number of base and rare metal projects in Africa and Europe, and precious metals projects in Africa.  The Company is currently evaluating these opportunities.

Further updates will be provided to the market in due course.

 

For any further information please contact:

 

Mark Parker

Blenheim Natural Resources plc

+44 (0) 1590 681125

+44 (0) 77 8417 0825

 

 

 

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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