| EXTRACT RESOURCES: ASX Announcement |
QUARTERLY 21
JOINT ASX RELEASE
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Tectonic Resources NL
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Extract Resources Limited
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October 3, 2007
DIVESTMENT- BURNAKURA GOLD PROJECT
The Burnakura Joint Venture (BJV) participants, Tectonic Resources NL (ASX: TTR) and Extract Resources Limited (ASX: EXT) are please to announce the execution of a Letter of Intent (LOI) to divest both parties’ interests in
the Burnakura Project to TSX Venture Exchange listed company ATW Venture Corp (TSXV: ATW)
The general terms of the proposed sale are:
• Payment of a $100,000 non refundable deposit upon signing the LOI.
• Execution of a formal agreement subject to completion of due-diligence
• Balance of AUD $3,900,000 cash payable on completion
• Issue of 5,000,000 shares in ATW (ATW last traded at C$0.63).
• 5,000,000 warrants (3 years or as determined under policies of the TSXV) exercisable at a 25% premium to the ATW share price as at date of signing.
• Upon completion the new entity will assume all rights, liabilities and obligations associated with the tenements constituting the Burnakura Project.
The sale is subject to ratification under TSXV listing rules requiring lodgment of a National Instrument 43-101 compliant technical report and a capital raising of not less than CAD$6,000,000.
The agreement contemplates completion of the transaction prior to mid-December.
After lengthy negotiations with various parties the joint venture is confident this represents the best outcome for both groups of shareholders. After thorough due diligence we believe the experience and
credentials of ATW will provide the project the best opportunity of success through a well funded, targeted exploration program leading to expansion of an already substantial 391,000 ounce resource base.
Download the full ASX announcement by clicking here.
Extract Resources Limited (ABN 61 057 337 952)
30 Charles Street
South Perth WA 6151 • P.O. Box 752 South Perth WA 6951
Telephone: +61 (08) 9367 2111 • Facsimile: +61 (08) 9367 2144 • reception@extres.com.au
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Extract Resources
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DEVELOPMENT STAGE |
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CODE : EXT.AX |
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ISIN : AU000000EXT7 |
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Extract Res. is a gold development stage company based in Australia. Extract Res. develops gold and uranium in Australia and in Namibia, and holds various exploration projects in Australia. Its main assets in development are BURNAKURA / NOA2 in Australia and ROSSING in Namibia and its main exploration properties are UIS and HUSAB in Namibia and BURNAKURA and TUCKABIANNA in Australia. |