🕐27.08.12 - 07:00 Uhr

HODGES RESOURCES [ASX: HDG] - HODGES TO FOCUS ON MORUPULE SOUTH COAL PROJECT IN BOTSWANA



MEDIA DISTRIBUTION BY
Hodges Resources [ASX: HDG] 
http://www.hodgesresources.com.au/


Hodges to focus on Morupule South Coal Project in Botswana

Hodges Resources Ltd (ASX: HDG) has announced the maiden resource statement for the Moiyabana Coal Project in Botswana (as per JORC Code and guidelines).

HIghlights: 

  • Hodges Board will not be exercising its option to increase its holding in the Moiyabana project.
  • Maiden 768 Million tonne resource for Moiyabana Coal Project:
    • 358 Million tonne Indicated Resource within the depths amenable to Open Cut mining and
    • 410 Million tonne Inferred Resource.
  • An additonal 614 - 897 Million tonnes of inventory Coal has also been estimated.Mining strip ratios range typically from 1.5 to 3.

 

Hodges has the right to earn up to a 90% stake in the equity of Jaquar.

Jaquar owns 100% of the Moiyabana coal prospecting licences.

However, following the completion of the recent drill campaign at Moiyabana, the Hodges board has decided that it will not exercise its first option in October 2012.

It will seek to reclaim its expenditure in the project via an allocation of Jaquar shares and has also requested a repayment of the refundable $US3 million option fee originally paid to existing Jaquar shareholders.

 

The decision not to take up the first option means that Hodges is not required to pay the balance of the first option fee (up to $US9 million) in October this year.

The Company is now not required to pay any further funds (approximately $US58 million) for the second option fee in July 2013.

 

Click here for full announcement

For further information, please contact: 

 
Mark Major
Managing Director
+618 9322 6412
 
For media enquires:
 
Jeffrey Coote
Fortbridge
+61 2 9003 0477
+61 404 275 665





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