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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Kalahari Min | LSE:KAH | London | Ordinary Share | GB00B117S132 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 243.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:0506A Kalahari Minerals PLC 21 March 2006 Kalahari Minerals plc Ticker: KAH Index: AIM Sector: Mining & Exploration Kalahari Minerals plc Placing of #6 million Admission to trading on AIM Overview * Kalahari ('Kalahari' or 'the Company') is an established mining exploration/evaluation company with advanced portfolio of copper and uranium prospects in Namibia * Raising #6 million through placing of 40,000,000 new Ordinary Shares at 15 pence per share and listing on AIM on 21 March 2006 * Multi-project portfolio at various levels of development from reserve definition projects to green field exploration * Copper licences cover the majority of the known, but un-mined, Namibian portion of the Kalahari Copper Belt * Husab Project in known uranium province - between Rossing uranium mine and Langer Heinrich development. 49 per cent. interest provides synergies to fund assessment and development ground * Operational areas easily accessible with good infrastructure * Positive data accumulated from previous exploration - extensive work by majors * Highly experienced and balanced team with extensive knowledge of the resource and financial sectors Chairman Mark Hohnen said: "I believe we have a very exciting opportunity to develop both copper and uranium operations in Namibia. The portfolio is at various stages of development which translates into near term production potential in tandem with long term blue sky. Importantly, through previous work we have certain levels of reserve definition which has been popular with the institutions we have seen. I am very pleased to have been successful in securing the funds from key institutional investors and look forward to joining AIM. The money raised will fuel both our current copper development and exploration programme focused on the highly prospective copper, uranium and gold prospects." Contacts Kalahari Minerals plc Tel: +61 (0) 8 9316 1214 Peter McIntyre Mob: +61 (0)419 930 743 Mark Hohnen Mob: +61 (0)412 919 282 Corporate Synergy Plc Olly Cairns Tel: +44 (0)20 7448 4400 Ambrian Partners Limited Richard Chase Tel: +44 (0)20 7776 6400 St Brides Media & Finance Ltd Isabel Crossley/Hugo de Salis Tel: +44 (0)20 7242 4477 Notes to editors Kalahari Minerals plc, the mining exploration and evaluation group with a portfolio of copper and uranium prospects in Namibia, is raising #6 million before expenses by way of a conditional placing of 4,000,000 new Ordinary Shares at 15 pence per share and is listing on AIM on 21st March 2006. The funds raised will be used to continue its project development and exploration programme to identify the feasibility of commencing one or more mining operations based on oxide and/or sulphide copper resources, primary or secondary uranium deposits, or gold deposits discovered by the Company's exploration efforts. Corporate Synergy plc is Nominated Adviser and Joint Broker to the Company while Ambrian Partners Limited is Joint Broker. Kalahari is a mining exploration/evaluation group (the "Group") with a portfolio of copper and uranium prospects covering approximately 3,000km(2) within western and eastern central Namibia. Two of the project areas, Dordabis and Witvlei, are prospective for sediment hosted copper mineralization consistent with the world class Zambian Copper Belt. The projects contain known copper sulphide deposits which are already partially defined and at a pre-feasibility stage of reserve definition and detailed drilling. The Company believes that the Dordabis project is also prospective for mineralisation of IOCG. The third project, the Husab Project, is primarily prospective for primary and/ or secondary uranium mineralisation. Significantly, the property is strategically located between the major Rossing uranium mine and Langer Heinrich development, which are positioned on significant uranium deposits. The remaining project, Ubib, is believed to be prospective for gold mineralisation, and is nearby the operating Navachab gold mine. Kalahari was incorporated in November 2004 and in February 2005 acquired 100 per cent. of WAGE, which owns and holds several granted and pending exclusive prospecting licences in Namibia. In 2005 the Company raised #1.3 million (after expenses) by the issue of Ordinary Shares and Convertible Loan Notes to fund its ongoing exploration activities and its preparation for Admission. The Group's project areas target known copper deposits which have been subject to extensive work programmes over the past 35 years by major operators including Anglovaal and General Mining (now part of BHP Billiton). These exploration programmes have shown that the Group's project areas have significant copper resources which the Directors believe warrant further exploration. A primary focus for the Group has been the Koperberg copper project located in the Dordabis project area, where drill rigs and field crews have been deployed by the Group since early 2005. The Koperberg deposit has known moderate grade oxide and sulphide copper mineralisation which remains open to the north. The Group has an exploration target that is potentially up to 35 kilometres in length, which it believes to be relatively unexplored due to poor or no exposure. Numerous partly defined copper deposits are also known to be present within the Witvlei project area, located approximately 85 kilometres north east of the Dordabis project area in the KCB. The prospective copper horizon within the Group's tenure at Witvlei total approximately 45 kilometres of strike. In addition, the Group has a 49 per cent. interest in a joint venture on the Husab project area. This area has identified uranium, copper and fluorspar occurrences, with established drill targets following initial work conducted by the Group. The region is located between the major Rossing uranium mine and Langer Heinrich development, operated by Rio Tinto Plc and Paladin Resources Ltd respectively. Namibia Namibia is an independent republic with a surface area of approximately 825,000km2 situated north of South Africa, west of Botswana, and south of Angola and is bordered in the west by the Atlantic Ocean. It gained independence from South Africa in 1990 and currently has a stable and democratically elected government. Its economy is heavily dependent on the extraction and processing of minerals for export with mining accounting for approximately 20 per cent. of its gross domestic product. It has well established mining legislation enforced through the Ministry of Mines and Energy and is estimated to have earned US$1.36 billion from the export of diamonds, copper, gold, zinc, lead and uranium during 2004. The Kalahari Copper Belt ('KBC') The KCB was identified in the late 1960s with the discovery of numerous copper sulphide deposits, the majority of which have remained undeveloped. As a result of this, there is a general lack of detailed follow-up over known areas of mineralisation. The Namibian portion of the KCB (which extends north eastwards into Botswana) covers approximately 800km2, and includes sequences analogous to those hosting the world class deposits of the well-known Zambian Copper Belt. The KCB has not been systematically explored using modern exploration technology and with a strategic geological model, is considered to be a significant advantage to the Group. The Directors believe that the KCB has the potential to provide significant resources of economic sedimentary hosted oxide and sulphide copper deposits, together with the potential for the discovery of IOCG and related mineralised systems. The Projects The Group currently has four projects in Namibia: Dordabis, Witvlei, Husab and Ubib. Dordabis The Dordabis project is located approximately 90km southeast of Windhoek in central Namibia and covers an area of approximately 875km2. It comprises one Exclusive Prospecting Licence (EPL 3257), held 100 per cent. via its wholly owned subsidiary, WAGE, and one pending application for Exclusive Prospecting Licence (EPL 3279). WAGE retains the rights to explore for base and precious metals within granted sections of the project. WAGE has offered to grant a 2.5 per cent. interest in the Dordabis project to Ms Lucia Hamutenya, the owner of the land which is the subject of the licence and a further 2.5 per cent. interest at an independent valuation at the time of proceeding with the project. The project area is located along the southern dissected margin of a regional plateau and is characterised by high ranges separated by moderately incised lowlands. To date, the Group has focussed its exploration on the Koperberg deposits where drilling has identified both copper oxide and sulphide zones. This mineralisation is characteristic of the KCB and drilling shows that the mineralisation is of moderate grade. The Directors anticipate that ongoing drilling campaigns will establish a defined mineral resource at Koperberg. The deposit remains open in several directions, particularly to the north where the outcrop is obscured by alluvial cover. Approximately 35km of regional strike of the stratigraphy remains relatively unexplored. Assays from a Reverse Circulation drilling programme completed in December 2005 at Koperberg confirmed that the deposit is open to the north, with intersections including 5 metres at 3.43 per cent. Copper and 13 metres at 2.60 per cent. copper returned from the northern most section drilled. These are among the best intersections to date from drilling at Koperberg. The deposit is now at a pre-feasibility stage involving further drilling with the intention of identifying sufficient resources to support the development of an economically viable mining project. In addition, other prospects within the Dordabis project, including Onverwacht, Protea and Swartberg, have known copper occurrences to investigate, potentially giving the Group additional regional opportunities to exploit economic mineralisation. Witvlei The Witvlei project is located approximately 150km east of Windhoek and covers an area of approximately 650km2. It comprises one granted Exclusive Prospecting Licence (EPL3258) and one pending application for Exclusive Prospecting Licence (EPL3261) in which Kalahari holds a 100 per cent. interest via its interest in WAGE. The Company retains the rights to explore for base and precious metals. The project area is located on the western margin of the Kalahari Basin and is partly covered by Kalahari sands. Historic exploration has identified five known copper deposits and numerous additional prospects associated with approximately 45km of host stratigraphy within the KCB. Work to date has included surface geochemical sampling, geophysical surveying, shallow percussion drilling, and diamond drilling. The Witvlei project is at a stage where confirmation and resource definition drilling is almost ready to commence and it is anticipated to have commenced by March 2006. Husab The Husab project covers an area of approximately 555km2 within the Namib Desert. It comprises one granted Exclusive Prospecting Licence (EPL 3138) in which Kalahari holds a 100 per cent. interest via WAGE. A joint venture agreement is in place with Extract Resources Namibia (Pty) Ltd ("Extract") pursuant to which Extract has the right to a 51 per cent. interest in the Husab project subject to an investment of AU$400,000, following which WAGE will hold an ongoing 49 per cent. interest. in the project. Peter McIntyre is a director of Extract. The licence awards the rights to explore for base and precious metals, rare metals, nuclear fuel and industrial minerals. A third party has the right to royalties representing 1.75 per cent. of the gross revenues derived from parts of the Husab project on particular minerals, pursuant to a joint venture agreement relating to previous licenses issued over the property. The licence contains the small-scale historic Ida copper mine and Husab fluorite mine which were operational during the 1970s. Uranium-bearing alaskites, similar to those at the Rossing uranium mine, are present in the Ida mine area, and elsewhere within the project area. The extensive fluorspar veins developed at the defunct Husab fluorite mine are also known to be uraniferous. The large scale alaskite (granite) hosted Rossing uranium mine, operated by a subsidiary of the global resource company Rio Tinto Plc, is located approximately 20km northwest of Husab. Additionally, the Langer Heinrich calcrete-hosted uranium deposit, currently being developed by Paladin Resources Ltd, is located approximately 30km south-east of Husab. The project area is characterised by low ridges of rock, wide sand and colluvial cover, and calcrete pans, cut by deeply incised river valleys. It is located within a significant metallogenic terrain characterised by polymetallic base metal-uranium-gold mineralisation. The regional geology is dominated by structural domes, regional scale shear zones and abundant intrusions significantly enriched in metals, including uranium. Environmental management plans have been approved and geochemistry and ground radiometrics commenced in August 2005. Drill targets have been established and drilling is anticipated to commence in March 2006. The Directors believe that the Husab region is rich with polymetallic mineral occurrences, including uranium, which is a commodity in significant international demand. However, the potential of Husab to host a significant deposit will depend on results of the future drilling programme. Ubib The Ubib project covers an area of approximately 950km2, characterised by moderate to high ridges of rock exposure separated by wide sand and colluvial cover and calcrete pans. It comprises one granted Exclusive Prospecting Licence (EPL3139) in which Kalahari holds a 100 per cent. interest via WAGE, which holds the right to explore for base, rare and precious metals within the licence. A third party has the right to royalties representing 1.75 per cent. of the gross revenues derived from the Ubib project pursuant to a joint venture agreement relating to the previous licences issued over the property. Like Husab, the Ubib project is located within a significant metallogenic terrain characterised by polymetallic base metal-uranium-gold mineralisation. The regional geology is dominated by structural domes, major regional shear zones and abundant intrusions with compositions enriched in metals. A number of prospective zones have been identified by the Group with regional stream sediment sampling programmes currently in progress. Early results from this regional programme are positive, and follow up work is currently in progress over anomalous areas. Exploration Programme and Strategy The Group intends to follow a staged exploration programme of drill testing of sediment hosted copper targets within the Dordabis and Witvlei project areas, aimed at identifying the feasibility of commencing a mining operation utilizing identified oxide and/or sulphide copper resources. The Group also intends to commence targeted, systematic, exploration using modern techniques and strategies, including the application of IOCG exploration models. Prospects identified will then form the basis for detailed evaluation. The Group has specifically established a strategy aimed at short term development opportunities and longer term evaluation of its major mineral assets. These include the following: * To develop and explore the copper oxide potential of its existing projects, especially Koperberg in the Dordabis Project area and at Witvlei. The Group's immediate intention is to extend its current oxide resources and commence an evaluation study of the copper oxide potential to a pre-feasibility stage. * To explore and develop further copper sulphide resources - the Group believes that its tenements capture numerous reported copper sulphide resources. The sedimentary hosted deposits of the KCB are known to be analogous to those located in the Zambian Copper Belt and the Directors believe that there are opportunities for additional deposits in under-explored areas. The Directors further believe that because of the generally good levels of infrastructure within Namibia, the opportunities for the successful development of the mineral assets are significantly enhanced. * The Group intends to incorporate an IOCG type geological model in future exploration. This, the Directors believe, will support a broader exploration strategy aimed at discovering deposits. * Whilst the Group's primary focus is copper, it intends to vigorously pursue its uranium joint venture in order to maximize the potential for an economic discovery. The Directors believe that the collective experience of the Board and management team in the copper and uranium industry in Namibia, and elsewhere, combined with the skills in the areas of corporate finance and management, provide a solid platform to successfully implement the Company's business strategy. Directors Mark Hohnen (Executive Chairman) Mr. Hohnen (55) joined the board of the Group on its establishment. Mr. Hohnen has been involved in the mineral business since the late 1970s. He has had extensive international business experience as chairman/director in a wide range of industries including mining and exploration, property, investment, software, and agriculture. Mr. Hohnen is responsible for the financial compliance of the Group. Peter McIntyre (Executive Director) - BSc (Eng), MSc (Mngt), FIEAust Mr. McIntyre (49) has been involved in the mining industry for over 25 years, which included 15 years with WMC Ltd in Australia. He has been involved with large base metals and gold projects, from feasibility and development, through to project management. He has start-up business and project experience in Australia, Asia and Africa. Mr. McIntyre's has broad exposure across all aspects of business and corporate management, with a primary focus on key issues including strategic planning, risk management, asset management and investment returns. Mr McIntyre is also a director of Extract Resources (Namibia) Pty Limited. Glyn Tonge (Non-executive Director) - BSc (Hons), PhD, CBiol, FIBiol, FRI, FRSM Professor Tonge (59) is currently a partner and director of Vida Capital Partners LLP, a private equity fund investing across a wide range of industry sectors. Prior to this he was a director of Baring Brothers & Co Ltd. and Baring Brothers International Ltd., where he was a director in corporate finance with global responsibility in the healthcare sector. Prof. Tonge was a senior partner in an international management consulting company, which included time in South East Asia advising the governments of Malaysia and Indonesia on the use of natural resources. Prof. Tonge is also Chairman of the Board of Governors and Pro Chancellor at Southampton Solent University. He was made a Freeman of the City of London in 2004 and is a Freeman and Liveryman of the Worshipful Company of World Traders. Recently he was made a Fellow of the Royal Institution in London. The Company intends to appoint a further independent non-executive director following Admission as soon as it has identified a suitable candidate. Key Management Martin Spivey (Manager - Exploration) - M.A.(Hons), BSc (Geol), MAusIMM Mr. Spivey (47) is a geologist with over 20 years involvement in resource exploration and development since graduating from Canterbury University in New Zealand in 1983, he has had wide ranging experience in exploration for Archaean greenstone hosted and Palaeozoic slate belt style gold mineralisation, nickel sulphides and laterites, sedex, VHMS, and carbonate hosted base metals mineralisation, both in Australia and Africa. Lucia Hamutenya (Business Consultant) - B. Proc.South Africa, Corporate LLM, U.S. Ms. Hamutenya is currently a practicing barrister (LP Hamutenya Chambers) in Windhoek, Namibia, specialising in Corporate Law. She has previously worked with the Central Bank of Namibia supervising compliance with regulations of commercial banks. Ms Hamutenya has also worked for ten years in New York, with the United Nations Centre for Transnational Corporations. Jon Akerman (Executive Officer - WAGE) Mr Akerman (62) has a background in geophysics with over 30 years involvement in petroleum exploration/project management consultancy in Asia-Pacific and South America (Peru, Bolivia and Venezuela), supervising exploration and development projects and liaising with relevant state bodies. He has extensive experience in establishing business relationships in remote locations, and in managing teams/ groups in challenging environments. Jan Joubert (Geological Advisor & Namibian Representative) - BSc (Geol/Chem), BSc. Hons. (Geol) MSc (Geol) Mr Joubert (62), a Namibian national, has 38 years' experience in exploration and mining in Namibia and South Africa having worked for numerous companies including, Anglovaal (Sigma Mining), Gold Fields of South Africa, African Selection Trust, and Palabora Mining Co Ltd. Mr. Joubert provides a wealth of local knowledge relative to the Group's current and prospective areas of interest and operations in general. He has a detailed knowledge of the various settings for the targeted minerals as well as a practical metallurgical testing background. * * ENDS * * This information is provided by RNS The company news service from the London Stock Exchange END MSCSESFESSMSESD
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