Exploration Activities Update

 

TIDMBDT 
 
RNS Number : 6887O 
Bidtimes PLC 
12 March 2009 
 

 
 
12 March 2009 
Bidtimes Plc 
 
 
("Bidtimes" or "the Company") 
 
 
Exploration Activities Update 
 
 
 
In the circular to Shareholders issued on 6 June 2008 the Board of Bidtimes Plc 
outlined a new investing strategy focusing on investing in the mineral and 
energy resources sectors. The Company raised GBP440,000 before expenses by way 
of a placing and entered into a joint venture agreement with ASX listed company, 
Burey Gold Limited ("Burey Gold"), to invest in three uranium tenements: 
Yankalilla Area, Taraleach-Loch Area and Port Lincoln Area, all in South 
Australia. 
 
 
Under the terms of the joint venture agreement the Company committed to acquire 
a 10% joint venture interest in each of the tenements by committing to incur 
minimum expenditure of A$130,000. 
 
 
Initial exploration work on the three tenements has indicated that they do not 
have the prospectivity to justify ongoing expenditure and they have been dropped 
from the Company's exploration portfolio.They have been replaced by another 
joint venture project with Burey Gold Limited. 
 
 
The new property is the exploration licence over the Kyber Pass Area, southeast 
of Marla in Southern Australia. This covers an area of approximately 367km² and 
again the exploration targets are uranium, 
 copper and gold. The Company has 
undertaken to fund the exploration costs (estimated to be of the order of 
A$700,000) up to completion of a bankable feasibility study to earn an 80 per 
cent. interest in the joint venture property.  Minimum first year expenditure is 
approximately A$65,000. The Company must also pay the A$3,300 application costs 
and A$10,000 for Burey Gold to carry out a full geological assessment of the 
area to identify possible drilling targets. 
 
 
In light of the significant increases in the gold price, particularly in 
Australian dollar terms, and interest in uranium the Directors believe that this 
new property offers shareholders good opportunity for exposure to both 
commodities. 
 
 
 
Enquiries: 
 
 
Tony Brennan, Executive Chairman                    [phone] 
Bidtimes Plc 
 
 
 
 
Tim Cofman, Director                                          [phone] 
6330 
WH Ireland 
 
 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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