Arafura Resources

Published : June 20th, 2016

AHK: Progress Report

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Keywords :   9/11 | Cash | Georgia | Gold | Gold Producer | Mines | Recovery | Target | Vote |

AHK: Progress Report

081140cc-55f5-4349-a85c-dfd6f74188a2.pdf

Ark Mines to Purchase NT Farmin Tenements

Sydney, 20 June 2016: The Board of Ark Mines Ltd (ASX: AHK) is pleased to advise that AHK has agreed to purchase and Arafura Resources Ltd (ASX: ARU) has agreed to sell and assign (Transaction) the tenements and gold rights the subject of the Mining, Farmin and Joint Venture Mt. Porter Tenements Agreement dated 14 January 2013 (Farmin Agreement) (see further AHK announcements dated 15/1/2013, 13/3/2013, 20/8/2015 and 18/11/2015).

Upon completion of the Transaction, which will require various third party consents, the Farmin Agreement will be terminated.

AHK's Managing Director, Roger Jackson said: "The purchase of the farmin assets is an excellent outcome for Ark. We thank Arafura for the opportunity to purchase on favourable terms and their vote of confidence in us to take forward their good work. Ark now has the opportunity to further develop its gold inventory in an underexplored and highly prospective gold province and to achieve its ambitions of becoming a significant gold producer, commencing with Mount Porter."

The tenements and gold rights the subject of the Farmin Agreement, all located in the Northern Territory near Pine Creek (see further Figures 1 and 2 below), comprise:

  • Exploration Licence in Retention (ELR) 116 (which immediately surrounds ML23839);

  • Mineral Lease (ML) 23839 (known as Mt. Porter);

  • Mineral Exploration Licence (EL) 23237 (covering the northern extension of the Mt. Porter anticline); and

  • rights to explore for and (subject to necessary approvals) mine gold on tenements north of Pine Creek (Gold Rights), owned by:

    • Territory Resources Ltd (comprising ML24727, ML25087, ML25088,

      ML25529, ML27225, ML27226, ML27228, ML27230 and EL10137); and

    • Frances Creek Pty Ltd (comprising ML27227, ML27229 and MA389).

      The purchase price to be paid in cash by AHK for 100%:

  • ownership of ELR116, ML23839 and EL23237 (Tenements), is $275,000 (two hundred and seventy-five thousand dollars) plus GST; and

  • of the Gold Rights, is $25,000 (twenty-five thousand dollars) plus GST.

    In addition to the cash payments, AHK has agreed to pay ARU a 2.5% royalty on gross sales of gold processed from ore mined from the Tenements and Gold Rights.

    AHK:

  • is required to make the cash payments on or before 7 September 2016; and

  • will raise funds sufficient to pay the purchase price and associated costs and expenses through a share placement, to be arranged through Martin Place Securities in Sydney, which successfully raised $400,000 for AHK's most recent fund raising (see further AHK announcement dated 18/4/2016).

    1

    The agreement for the sale and purchase of the:

  • Tenements has been executed and exchanged; and

  • Gold Rights is being finalised and expected to be executed and exchanged very soon.

    KEY TENEMENT PROJECTS

    Mt. Porter Anticline Gold Projects

  • 10400 gold deposit

    • Mine ready pending NT Mining Management Plan approval

    • Processing 500,000 tonnes @2.2g/t

    • 76% recovery

    • Proximal to mill

    • 3:1 strip ratio

  • 10800 gold project

    • High grade gold target

  • 10000 gold project

    • Larger lower grade gold target

    Golden Honcho High Grade Gold Projects

  • Best AHK 2015 intersections (refer to AHK Announcement dated 29/10/2015):

    • 3m @ 13.41 g/t Au, including 1m @ 30.8 g/t Au;

    • 2m @ 12.9g/t Au, including 1m @14.5 g/t Au;

    • 2m @ 6.65g/t Au, including 1m @11.7 g/t Au; and

    1m @ 6.42g/t Au.

  • Best AHK 2014 intersections (refer to AHK Announcement dated 29/10/2015):

    2m @ 21g/t Au;

    2m @ 11.9g/t Au;

    2m @ 10.5g/t Au;

    • 3m @7.5g/t Au; and

    • with 21 other intersections over 1m over 5g/t Au.

  • Best ARU 2004 intersections (refer to AHK Announcement dated 29/10/2015):

5m @ 19.11g/t Au;

4m @ 47.54g/t Au;

2m @ 10.07g/t Au;

2m @ 13.29g/t Au;

2m@ 11.61g/t Au;

3m @ 10.96g/t Au;

3m @ 10.66 g/t Au;

2m @ 21g/t Au;

2

2m @ 11.9g/t Au;

2m @ 10.5g/t Au;

  • 2m @9.92g/t Au; and

    3m @7.5g/t Au;

  • with 30 other intersections over 1m over 5g/t Au.

Figure 1 below - AHK Tenement Locations (Subject of Transactions)

3

Figure 2 below - Locations Detail of Transaction Tenements and Gold Rights

4

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

Arafura Resources

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CODE : ARU.AX
ISIN : AU000000ARU5
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Arafura Res. is a gold and nickel exploration company based in Australia.

Arafura Res. develops gold, nickel, rare earth and uranium in Australia, and holds various exploration projects in Australia.

Its main asset in development is NOLANS BORE in Australia and its main exploration properties are AILERON / REYNOLDS RANGE, JERVOIS, KURINELLI, MT PORTER / FRANCES CREEK and HAMMER HILL in Australia.

Arafura Res. is listed in Australia and in Germany. Its market capitalisation is AU$ 210.6 millions as of today (US$ 152.0 millions, € 133.1 millions).

Its stock quote reached its highest recent level on April 20, 2007 at AU$ 2.16, and its lowest recent point on December 19, 2014 at AU$ 0.04.

Arafura Res. has 546 900 032 shares outstanding.

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Corporate Presentations of Arafura Resources
5/20/2008The Nolans Project
Nominations of Arafura Resources
12/8/2008today - Appointment of Chairman - Mr. Ian Laurance
Project news of Arafura Resources
12/1/2010(Nolans Bore)Presentation of the Nolans Project
11/18/2008(Nolans Bore)NOLANS RARE EARTHS PROJECT, NORTHERN TERRITORY
11/12/2008(Nolans Bore)Nolans Resource Upgrade
8/5/2008(Nolans Bore)New Mineralization at Nolans returns outstanding assays.
7/11/2008(Nolans Bore)NOLANS PROJECT RARE EARTHS MARKET UPDATE
7/4/2008(Hammer Hill)Hammer Hill update 040708
5/20/2008(Hammer Hill)Sulphine mineralisation intersected in early drilling
Corporate news of Arafura Resources
7/14/2016Response to ASX Price Query
6/28/2016BRR Webcast - Nolans Review and Major Improvements
6/20/2016AHK: Progress Report
5/25/2016Webcast Nolans OPEX and EIS Update
5/23/2016Nolans Environmental Approvals Update
1/8/2016RE Separation MOU Executed with OCI
12/23/2015$3.0 Million R&D Tax Refund Received
11/25/2015RXL: Drilling to Commence at Bonya
11/19/2015Chairman's Address 2015 AGM
11/19/2015AGM 2015 Presentation
10/29/2015Increase Nolans Project Mineral Resources
10/27/2015Quarterly Activities & Cashflow Report
10/9/2015Notice of Annual General Meeting/Proxy Form
10/6/20152015 Annual Financial Report
9/22/2015FWL: Deed of Cancellation
9/17/2015Annual Report to shareholders
9/17/2015Appendix 4G - Corporate Governance
7/27/2015AHK: Frances Creek MMP Approved
7/27/2015Quarterly Activities & Cashflow Report
3/3/2015Initial Director's Interest Notice
2/18/2015Half Year Accounts
2/16/2015Change of Share Registry Notification
11/5/2014Letter to Shareholders
10/30/2014Quarterly Activities and Cashflow Report
10/30/2014FWL: 51% of Arafura Iron Pty Ltd Secured
10/23/2014NT Major Projects Presentation
10/20/2014RXL: Exceptional Copper Assays From Bonya Mine Drilling
11/25/2013BRR Webcast- Arafura AGM
11/8/2013Mulga Drilling Results
7/31/2009Quarterly Report
6/15/2009Settlement of Chinese Share Subscription List
5/29/2009FIRB Approval for Nolans Project
2/19/2009Strategic Investment in Arafura Resources Ltd
8/26/2008Incitec Heads of Agreement
5/16/2008Phosphate Project Recoveries
4/28/2008Releases Flotation Demonstration Results
7/9/2007Releases Outstanding REO and Uranium Results
3/19/2007Nu Power lists at 300% Premium
3/14/2007releases Nolans Phosphate Test Work
3/1/2007releases Lagoon Creek Results for March 2007.
2/16/2007Results of General Meeting
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