Spitfire Resources Limited (ASX Code: SPI)
Australian exploration company, Spitfire Resources
Limited (ASX Code: SPI –
“Spitfire” or “the Company”), wishes to advise that it
is currently conducting exclusive due diligence for the proposed acquisition of
a coal project in Tasmania.
The Company has not yet reached a formal agreement with
the vendors of the project as to the terms of any acquisition.
Spitfire will provide an update to the market in
accordance with the ASX listing rules should a formal agreement be finalized.
ENDS
Released
by
On behalf of:
Mr. Nicholas Read
Mr. James Hamilton
Read Corporate
Managing Director
Telephone: (61-8) 9388 1474
Spitfire Resources Limited
www.readcorporate.com.au
Telephone:
(61-8) 9381 3733
About Spitfire Resources
Spitfire Resources Limited (ASX Code: SPI) is an Australian
resource company initially focused on the exploration and development of a
portfolio of manganese exploration assets in the East Pilbara region of Western Australia.
Spitfire listed on the Australian Securities Exchange in December 2007
following a successful A$6 million Initial Public Offer (IPO).
AIM-listed Churchill Mining Plc is the Company’s
largest shareholder, which it received as vendor consideration for the
divestment to Spitfire of its asset, an 80% interest in the South Woodie Woodie
Manganese Project in
Western Australia’s East Pilbara region.
The South Woodie Woodie Project comprises three granted
Exploration Licences covering an area of approximately 490km2. The
principal area of initial exploration focus lies some 50km down-strike from the
1Mtpa Woodie Woodie manganese mine.
Spitfire also recently announced that it had secured a
substantial portfolio of new exploration tenure near the South Woodie Woodie
Project, more than doubling its existing land holdings in the prospective East Pilbara region. The Company has lodged applications
for four strategic tenements, covering a total area of 899 square kilometres,
which are located approximately 13km south-east of the South Woodie Woodie
Project.
Some of the new ground package abuts tenements managed by
Consolidated Minerals, the former listed owner of the Woodie Woodie mine, and
who was recently bought by private Ukrainian group Palmary Enterprises.
Spitfire selected the ground after completing interpretive geological work
suggesting that the area to the south-east could host strike extensions of a
potential corridor of manganese host rocks.
ENDS
READ CORPORATE
Public
Relations Corporate Communications
T: (+61-8) 9388-1474 | F: (+61-8) 9388-1472 | E: info@readcorporate.com.au | Web: www.readcorporate.com.au
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