🕐09.12.10 - 01:54 Uhr
Reed Appoints Gresham as Advisors for Lithium Assets
Reed Resources Limited
ASX Announcement
9 November 2010
Update on Approaches Received for Mount Marion Lithium Project
Reed Resources Ltd has been approached by a range of local and
international partners
Gresham Advisory Partners appointed as corporate advisers.
Australian diversified resources company Reed Resources Ltd (ASX:RDR) ("the
Company" or "Reed") wishes to update shareholders on recent discussions
with potential local and international partners in relation to the
downstream opportunities for the Mount Marion Lithium Project, located near
Kalgoorlie, Western Australia.
As noted in the Companys report on activities for the quarter ended 30
September 2010, Reed is currently focused on the development of its Mount
Marion Lithium Project, which when commissioned, will be the worlds second
largest source of spodumene (lithium oxide) production.
Continued strong underlying market fundamentals, reflecting the growing
strategic importance of chemical‐grade lithium to developed
economies, has led to increased interest in the Company and the Mount
Marion Lithium Project from a range of industry participants.
The Company
has received approaches from parties proposing various transaction
structures ranging from downstream toll treatment and/or joint ventures
through to outright acquisition of the upstream (spodumene concentrate)
operations.
In light of these developments, Reed has appointed leading independent
Australian investment bank Gresham Advisory Partners Limited to assist the
company in considering its strategic alternatives in relation to Mount
Marion Lithium Project, with a view to ensuring maximisation of shareholder
value.
It should be stressed that discussions remain preliminary and there can be
no assurance that a binding proposal will emerge.
In the meantime, Reed
remains focused on obtaining approval of the mining proposal from the
Department of Mines and Petroleum and will keep the market informed of
future developments.
Ends
For the full announcement please click here:
http://www.stocknessmonster.com/news-item?S=RDR&E=ASX&N=519678
For more information please contact:
Reed Resources
Chris Reed
Managing Director
T: 08 9322 1182
Gresham Advisory Partners Limited
Justin Mannolini / Darren Martin
Managing Director / Director -- Corporate Finance
Tel: + 61 8 9486 7077
Media
David Tasker/ Karen Oswald
Professional Public Relations
T: 9388 0944/ 0423 602 353
E:
About Reed Resources
Reed Resources Ltd (ASX: RDR, OTC: RDRUY) is a diversified mining and
exploration Company based in Western Australia.
Reeds American Depositary
Receipts (ADRs) trade under the code RDRUY (CUSIP Number: 758254106).
Each
Reed ADR is equivalent to 10 ordinary shares of Reed as traded on the ASX.
The Bank of New York Mellon is the depository bank.
Reed Resources has five main projects (all in Western Australia)
including:
Mount Marion -- High‐grade Lithium project located about 40km south
of Kalgoorlie in JV with Mineral Resources Limited.
First production
planned by end March 2011.
Barrambie -- Definitive Feasibility Study completed on a Ferrovanadium
operation to produce 6300t of vanadium per annum.
Currently in approvals
process.
MOU with China Nonferrous Metals for EPC & Financing assistance.
Comet Vale -- Evaluating recommencement of high‐grade underground
gold production and refurbishment of processing plant, both currently on
care & maintenance.
Mount Finnerty -- Iron ore JV with Cliffs Natural Resources & Nickel
Farm‐in with Barranco Resources NL.
Bell Rock Range -- Grassroots Nickel‐Copper‐PGM Exploration.
Website: www.reedresources.com
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