Malachite Resources Limited (ASX: MAR) is pleased to advise that each of the parties to the Share Sale Agreement relating to the acquisition of VEPL have completed their final due diligence investigations. Accordingly the parties have moved one step closer to completion of this transaction pursuant to which Malachite will acquire the high grade Lorena Gold Project.
Completion of the acquisition remains subject to a number of conditions precedent, including:
a. The grant of five mining lease applications at Lorena to VEPL, and
b. Approval of the transaction by the shareholders of Malachite.
Shareholders will have the opportunity to consider and, if thought fit, to approve the acquisition of VEPL and the Lorena Gold Project at the Company?s Annual General Meeting which is to be held on 23 November 2010.
Upon completion Malachite will become a much bigger company with excellent potential to expand upon the existing resources at Lorena and to generate strong cash flows from production.
Andrew J. Cooke
Malachite Resources Limited
Tel: +61 2 9411 6033
Fax: +61 2 9411 6066
Mob: 0412 090 826