Chesser Resources Ltd.

Published : October 31st, 2014

27 October 2014: Chesser closes sale of Kestanelik Project

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

27 October 2014: Chesser closes sale of Kestanelik Project

ASX Announcement & Media Release

27 October 2014

Chesser Resources closes Kestanelik sale.

Chesser Resources has completed the sale of the Kestanelik project.

Cash payment of US$40 million has been received.

Chesser to seek shareholder approval for a capital return to shareholders of A$0.15 per share

Payment of Return of Capital anticipated to occur on December 12, 2014

Company is well positioned to advance its existing projects and pursue new growth opportunities.

Chesser Resources Ltd (ASX:CHZ) has completed the sale of the Kestanelik project in north-west
Turkey, receiving proceeds of $US40 million overnight.
After transaction costs and currency translation, net proceeds in Australian dollars total approximately A$42.051 million.
Having successfully finalised the sale, Chesser Directors will seek shareholder approval for a capital return of A$0.15 per share, with shareholders to vote on the proposal at the forthcoming Annual General Meeting ("AGM") in Brisbane on November 20.
If the capital return is approved, Chesser will retain approximately A$8.91 million in cash, to be used for working capital and to continue development of the company's two remaining gold projects in Turkey, at Sisorta and Catak.
Meanwhile, the company is actively reviewing opportunities to add growth projects to its portfolio, with a focus on precious metals exploration and development in favourable jurisdictions where Directors and senior management can apply their skills and experience to create value for shareholders.
Chesser Managing Director Rick Valenta said the Company was at an exciting point in its development.
"We have been able to generate excellent returns for shareholders through the cash sale of the Kestanelik project at a healthy premium to the prevailing share market valuation of the company, and Directors believe it is appropriate to reward shareholders with the planned capital return.
"We are also able to differentiate ourselves from many junior resources companies in the market today, because we are now in the enviable position of having sufficient cash reserves to take advantage of opportunities in the market. While we are excited at the prospects emerging, we are determined to apply a rigorous and disciplined approach in our evaluation of any potential expansions," he said.

1 Assuming transaction costs of US$3 million and an A$:US$ exchange rate of 0.88

Indicative Timetable (subject to final confirmation)

Item

Date

Annual General Meeting including shareholder approval of proposed return to shareholders

20 November 2014

Payment of return to shareholders

12 December 2014

All dates and times are indicative. The Company reserves the right to vary these dates and times, and will advise the ASX accordingly.

As disclosed in the AGM Notice of Meeting, Chesser is seeking a ruling from the Australian Taxation Office confirming that the return to shareholders will be treated as a capital return for taxation purposes.

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 drilling 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 s enior 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

ABN:

14 118 619 042

Address:

96 Stephens Road

South Brisbane Qld 4101 Australia

Telephone:

+61 7 3844 0613

Contact:

[email protected] Chesser Website: www.chesserresources.com.au

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: http://www.chesserresources.com.au/www.chesserresources.com.au or by calling: Rick Valenta, Managing Director

Stephen Kelly, Company Secretary

+61 7 3844 0613

Read the rest of the article at www.noodls.com
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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CODE : CHZ.AX
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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$ 11.1 millions as of today (US$ 8.0 millions, € 7.0 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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