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Alara Resources Limited

Publié le 31 mai 2016

Project Updates

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Mots clés associés :   Copper | Oman | Precious Metals | Zinc |

Project Updates

announcement - revised timetable

Perth WA 6000, Australia

GPO Box 2517

Perth WA 6831

Email | [email protected]

ASX/MEDIA RELEASE

Tuesday, 31 May 2016

PROJECT UPDATES

Alara Resources Limited (ASX: AUQ) (Alara or Company) provides this status update on its projects in Oman and Saudi Arabia.

AL HADEETHA COPPER-GOLD PROJECT (OMAN)

Project Financing

The Company is making steady progress towards selection of a major project financing arrangement; this includes consideration of both Sharia compliant and conventional banking products. In addition, vendor financing options are also being considered with key suppliers.

Al Hadeetha Mining Licence

Steady progress is also being made on the mining licence application, with our JV partners' Group Head of Administration reporting that the Ministry of Housing and Ministry of Water & Electricity have submitted approvals of the Al Hadeetha Copper project to the Public Authority of Mining.

Infill Drilling Program

Further to the drilling update of 10 May, it is confirmed that samples from the first three drill holes were dispatched via DHL to the ALS laboratory in Jeddah over two weeks ago.

Drilling will continue into June. This is due to a number of RC drill holes having to be abandoned after encountering ground water and mechanical inability of the drill rig to penetrate the fracture zones above mineralisation. Relatively hard host rock below fractured rock formations associated with water impacted adequate sample recovery. The drilling program was subsequently converted to core drilling.

As on 30th May, a total of 564 meters of drilling had been completed in 6 holes and a total of 173 RC samples have been dispatched to ALS Jeddah with lab results expected next week.

Despite the delays, the Company recognises and appreciates the extra effort being exerted by the drilling company at no additional cost to Alara.

KHNAIGUIYAH ZINC-COPPER PROJECT (SAUDI)

New Saudi Ministers Appointed

Following the recent announcement of Saudi Arabia's 2030 vision, which includes plans to increase output of the mining sector, a number of key ministerial changes took place.

King Salman has replaced Ali Al-Naimi, who had served as Minister of Petroleum and Mineral Resources for more than twenty years, with Khalid Al- Falih, chairman of the state oil company Saudi Aramco. This change comes amid major economic reforms announced by Deputy Crown Prince Mohammed bin Salman. The reforms are directed towards reducing the Kingdom's reliance on oil and growing other parts of its economy, including the mining sector.

Khalid al-Falih, has a key role in these reform plans as head of the renamed 'Energy, Industry and Mineral Wealth Ministry'.

Khnaiguiyah Mining Licence

Further to the Company's announcement dated 3 May 2016, the Company is advised that Bayan's Mining Licence application is currently before the mineral licencing department of the Energy, Industry and Mineral Wealth Ministry (formerly the Ministry of Petroleum and Mineral Resources).

Legal Proceedings

Following the Company's previous legal update of 19 May 2016, legal counsel for Alara appeared before the Saudi Board of Grievances on 25 May 2016. However, in an apparent clerical error there was no hearing scheduled and the next court date was scheduled for 26 July 2016 (after Ramadan).

Neither Alara nor Manajem know why the court set a period of three months between hearings. The Judge previously asked the parties to see if an out of court resolution could be reached, and this gap may have been to create space for that to occur.

With the Khnaiguiyah Mining Licence no longer in Manajem's possession, Alara would expect any settlement discussion to include the refund of US$3,266,000 to Alara, being the amount which Alara paid Manajem to effect (and not hinder) the transfer of the mining licence to the Khnaiguiyah Mining Company LLC.

- End -

For further information, please contact:

Justin Richard T | +61 8 9481 0389

Managing Director E | [email protected]

Elizabeth Hunt T | +61 8 9481 0389

Company Secretary E | [email protected]

About Alara Resources

Alara Resources Limited (ASX: AUQ) is an Australian minerals exploration company with a portfolio of projects in Saudi Arabia and Oman. Alara has completed a Definitive Feasibility Study on the Khnaiguiyah Zinc-Copper Project in Saudi Arabia, an Advanced Scoping Study on the Daris and Al Hadeetha Copper-Gold Projects in Oman, and a Feasibility Study for the Al Hadeetha Project, Washihi deposit. The Company is transitioning to establish itself as a base and precious metals mine development and production company. For more information, please visit: www.alararesources.com.

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Données et statistiques pour les pays mentionnés : Oman | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Oman | Tous

Alara Resources Limited

CODE : AUQ.AX
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Alara Resources LTD est une société basée en Australie.

Alara Resources LTD est cotée en Australie. Sa capitalisation boursière aujourd'hui est 35,1 millions AU$ (25,4 millions US$, 22,2 millions €).

La valeur de son action a atteint son plus haut niveau récent le 14 janvier 2011 à 0,48 AU$, et son plus bas niveau récent le 05 juin 2015 à 0,01 AU$.

Alara Resources LTD possède 595 689 984 actions en circulation.

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Projets de Alara Resources Limited
12/08/2016Project Updates
Communiqués de Presse de Alara Resources Limited
03/08/2016Closure of Renounceable Rights Issue
15/07/2016Dispatch of Prospectus
12/07/2016Letter to Ineligible Shareholders
08/07/2016Prospectus - Renounceable Issue
08/07/2016Letter to Optionholders - Renounceable Issue
08/07/2016Further Information & Project Update - Al Hadeetha Project
13/06/2016Further Information - Mineralisation at Al Hadeetha Project
08/06/2016Oman Project Update
31/05/2016Project Updates
19/05/2016Khnaiguiyah Zinc-Copper Project - Legal Update
11/05/2016Oman Project Update
13/04/2016Board Appointment and Appendix 3X
01/04/2016Feasibility Study Update
18/01/2016Option Expiry
23/12/2015Potential Breakthrough on Khnaiguiyah Project
18/12/2015Project Update - Oman
01/12/2015Results of Meeting
24/11/2015Recent Developments in Saudi Arabia
18/11/2015Listing Rule Compliance
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