Blenheim Natural Resources PLC Extension of Option to Invest in Lithium Project (9746X)

TIDMBNR

RNS Number : 9746X

Blenheim Natural Resources PLC

27 February 2017

27 February 2017

Blenheim Natural Resources Plc

("Blenheim" or the "Company")

Extension of Option to Invest in Lithium Project in Mali

Blenheim announces that its option to acquire a 30 per cent interest in the Dieba exploration permit in Southern Mali ("Dieba") has been extended until 31 March 2017.

Blenheim's Chairman Chris Ells commented, "Xantus Inc ("Xantus") has agreed to extend Blenheim's option to acquire a 30 per cent interest in the Dieba exploration permit so that we can consider how Blenheim can further collaborate and work with Xantus to broaden the Company's investments in assets with lithium potential. We are also working to identify and appraise other lithium opportunities and we continue to evaluate potential strategic investments in good projects and assets in the wider natural resources and agribusiness sectors, in line with our investment strategy."

Background to the option agreement with Xantus

Xantus holds interests in four licences in Mali, including Dieba, and four in Niger, all with geology conducive to lithium deposits. The Dieba exploration permit is located about 150km south of the Malian capital, Bamako. Dieba is adjacent to Birimian Limited's Bougouni Lithium Project and Xantus and Blenheim believe that Dieba may host similar lithium-rich pegmatites. The option agreement with Xantus gives Blenheim the right to acquire a 30 per cent interest in Dieba from Xantus for a consideration of GBP175,000 in cash, (which will be used by Xantus to fund exploration at Dieba) and 60,000,000 ordinary shares of 0.1 pence each in the capital of the Company. Blenheim paid GBP25,000 to secure this option. The original expiry date of the option was 28 February 2017, but Xantus has now agreed to extend the option until 31 March 2017.

Ends

For further information please contact:

 
                       Blenheim Natural Resources   +44 (0) 1622 
Chris Ells              Plc                          844601 
 
Colin Aaronson/Jamie 
 Barklem/ Daniel       Grant Thornton UK            +44 (0) 20 
 Bush                   LLP                          7383 5100 
 
                                                    +44 (0) 1483 
Nick Emerson           SI Capital Ltd                413500 
Lucy Williams          Peterhouse Corporate         +44 (0) 20 
 / Duncan Vasey         Finance Limited              7469 0932 
                                                    +44 (0) 20 
Colin Rowbury          Cornhill Capital Limited      7710 9610 
 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

This information is provided by RNS

The company news service from the London Stock Exchange

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February 27, 2017 11:22 ET (16:22 GMT)