Fortbridge Media Release

Hodges Resources [ASX: HDG] - Morupule South Project Earn-in and Resources Drilling Completed

Hodges Resources Ltd (ASX: HDG) has completed the earn in commitment with SDNP Manufacture Mining and Construction Services Ltd, on the Morupule South Coal Project and secured 75% of the project.

Highlights:

* Hodges completes 75% earn in of the Morupule South Project.
* Neighbouring Botswana coal mine starts exporting coal through the Durban port in South Africa.
* The Government of Botswana closes the tender for the refurbishment of the Morupule A power station and requests expressions of interest for 300MW power station development in same area from independent power providers.
* The 2,500 metre drilling program now completed over the eastern block at Morupule South.

Under the terms of the agreement, Hodges has earned 75% of the project by paying SDNP US$500,000 on execution of the agreement and spending US$3,000,000 over two years on the project. The companies will now incorporate a special propriety company in Botswana that will hold the permit (formation of the JVCo); Hodges can then exercise its option to acquire an additional 24% in the JVCo once this is complete.

Hodges recently concluded a 2,500m drilling program over the shallow coal area within the eastern block. The drill program completed the outstanding expenditure commitment for the joint venture.

Hodges Managing Director Mark Major commented:

“It is clear we have a sizeable asset with low cost operational and capital development opportunities in a developing region. The area is becoming more active with the Government of Botswana tendering the refurbishment of the Morupule A powers station (132MW) and announcing a Request for Prequalification from independent power producers for a 300MW power development next to the nearly completed Morupule B power station (600MW), all of which will be less than 8km from our proposed mine.” Mr. Major said.

Please see the link below for more details:

For further information, please contact:

Mark Major
Managing Director
Telephone: (+618) 9322 6412
Email:

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