Chesser Resources Ltd.

Published : October 31st, 2014

24 October 2014: Sale of Kestanelik Project transaction update

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Keywords :   Australia | Gold | Growth | Precious Metals | Turkey |

24 October 2014: Sale of Kestanelik Project transaction update

ASX Announcement & Media Release

24 October 2014

Sale of Kestanelik Project update

Chesser Resources Limited (ASX:CHZ) is pleased to update shareholders on the agreement for the sale of the Kestanelik Project to Nurol Holdings A.S. (Nurol).

All legal documentation necessary to complete the sale has been executed by Chesser and Nurol. Chesser and Nurol have mutually agreed to extend financial close by one day with settlement (and the receipt of the US$40 million in sale proceeds) to take place during the Turkish business day on Friday 24 October 2014.

About Chesser Resources Limited

Chesser Resources is an Australian-based ASX-listed exploration company exploring for gold and base metals in Turkey. The Company has two current projects, one at Catak and one at Sisorta. At Sisorta, the company has declared a 303,000 oz gold resource (91,000 oz Indicated and 212,000 oz Inferred) and has been granted an operating licence for an open pit heap leach gold project. Exploration drill ing is ongoing at the project, with a resource update planned for the first half of 2015. Chesser has vested a 51% interest in the project with Turkish company Eurasian. The Catak project is in the Eastern Pontides 70km west-north-west of Sisorta. Catak is a well-preserved epithermal vein system in Andesites, with good indications of high-grade potential and mineable widths of veins. A program of mapping, surface sampling and geophysics is to be conducted at Catak in the first half of 2015. The Board and management of Chesser are committed to unlocking value from these projects while actively reviewing opportunities to add growth projects to its portfolio, with a focus on precious metals exploration and development in jurisdictions where Directors and senior management can apply their skills and experience to create value for shareholders.

Company Directors & Management

Company Information

Top Shareholders

Rob Reynolds Chairman

Rick Valenta Managing Director Simon O'Loughlin Non-Executive Director Simon Taylor Non-Executive Director Peter Lester Non-Executive Director Morrice Cordiner Non-Executive Director

Stephen Kelly CFO/Company Secretary

Cem Yuceer Exploration Manager


14 118 619 042


96 Stephens Road

South Brisbane Qld 4101 Australia


+61 7 3844 0613


[email protected] Chesser Website:

Management Macquarie MEC Acorn Capital

Institutions - 30% Top 40 ≈ 62%

The exploration data and results contained in this report are based on information reviewed by Dr Rick Valenta, a Fellow of the Australian Institute of Mining and Metallurgy. He is Managing Director of the Company and has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Dr Valenta has consented to the inclusion in this release of the matters based on his information in the form and context in which it appears.
The information in this report that relates to Sisorta in-situ Mineral Resources is based on information compiled by Mr. Gary Giroux of Giroux Consultants Ltd. Mr. Giroux is the competent person for the Sisorta resource estimate and takes overall responsibility for it. He is a Member in good standing of the Association of Professional Engineers and Geoscientists of the Province of British Columbia (a "Recognised Overseas Professional Organisation" under the JORC code) and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a "Competent Person" as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code) and has the appropriate relevant qualifications, experience and independence to qualify as a "Qualified Person" under National Instrument 43-101 - "Standards of Disclosure for Mineral Projects" (NI 43-101). Mr. Giroux consents to the inclusion of such information in this Report in the form and context in which it appears. This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

Further information is available at: or by calling:

Rick Valenta, Managing Director

Stephen Kelly, Company Secretary

+61 7 3844 0613

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Data and Statistics for these countries : Australia | Turkey | All
Gold and Silver Prices for these countries : Australia | Turkey | All

Chesser Resources Ltd.

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Chesser Res. is a gold and copper exploration company based in Australia.

Chesser Res. holds various exploration projects in Turkey.

Its main exploration properties are SISORTA and KESTANELIK in Turkey.

Chesser Res. is listed in Australia. Its market capitalisation is AU$ 12.5 millions as of today (US$ 9.0 millions, € 7.9 millions).

Its stock quote reached its highest recent level on November 12, 2010 at AU$ 1.27, and its lowest recent point on December 05, 2014 at AU$ 0.02.

Chesser Res. has 119 330 000 shares outstanding.

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Corporate news of Chesser Resources Ltd.
1/26/2016• Quarterly Activities & Cash Flow Report Dec 2015
10/31/201424 October 2014: Sale of Kestanelik Project transaction upda...
10/31/201427 October 2014: Chesser closes sale of Kestanelik Project
10/31/201431 October 2014: September 2014 Quarterly Activities Report ...
5/2/2013Kestanelik Drilling Update
5/2/2013Quarterly Report for period ending March 2013
3/28/2013Clarifying Statement in Relation to pre-Feasibility Study
2/28/2013Expiry of Employee Options February 2013
2/28/2013Appendix 3B Eldorado shares February 2013
2/7/2013Appendix 3B
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