Keras Resources PLC Calidus Update (5141T)

TIDMKRS

RNS Number : 5141T

Keras Resources PLC

21 March 2019

Keras Resources plc / Index: AIM / Epic: KRS / Sector: Mining

21 March 2019

Keras Resources plc ('Keras' or the 'Company')

Calidus Update

Keras Resources plc, the AIM listed mineral resource company, notes the news released by Calidus Resources Limited (ASX:CAI) ('Calidus') announcing the commencement of drilling at the Warrawoona Gold Project in West Australia to test several large targets and expand the current 1.25-million-ounce ('Moz') JORC compliant Resource.

Keras currently has 458m shares in Calidus, representing approximately 32.3% of the current issued share capital of Calidus. On successful completion of the PFS, an additional 265m performance shares of Calidus ('Performance Shares') owned by Keras will be converted into ordinary shares of Calidus.

Highlights

-- Regional drilling programme commenced this week and will initially focus on three targets identified at Liberator, Cutty Sark and Trump

-- Results from 3,059 infill and extensional soil geochemistry samples received validating a number of the extensive and coherent gold-in-soil anomalies identified from historic exploration data

   --     Reconnaissance IP geophysical programme scheduled to commence in April 2019 

-- Regional exploration will be conducted in parallel with the ongoing pre-feasibility study work

Russell Lamming, Chief Executive Officer of Keras, commented, "This is an exciting period for the Warrawoona Gold Project in Western Australia as it continues to evolve and strengthen. Calidus is hopeful that this latest drill programme, which is testing several of the large, highly prospective anomalies identified in a recently-completed soil sampling programme in the wider Warrawoona region, will expand the current 1.25Moz JORC compliant resource. While there has been little or no exploration here, Calidus' experienced team believe that it is highly prospective for large mineralised orogenic gold systems. In tandem, the pre-feasibility study is well advanced and rapidly progressing.

"On a wider level, we look forward to providing updates on our Nayega Manganese Project in northern Togo, where we recently completed a 10,000-tonne bulk sample fully funded by a major producer of manganese-based alloys. This was to prove up the internal feasibility study previously conducted ahead of commencing commercial production in the near term once relevant approval is granted."

The information in this RNS has been extracted from the ASX announcement made by Calidus Resources Limited on 21 March 2019. To view a full version of the Calidus announcement, which includes figures and maps, please click here: https://www.calidus.com.au/investors/asx-announcements/. For more information on Calidus and Warrawoona, please visit www.calidus.com.au.

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of Russell Lamming, Chief Executive Officer. This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

**ENDS**

For further information please visit www.kerasplc.com, follow us on Twitter @kerasplc or contact the following:

 
 Russell Lamming              Keras Resources plc           [e-mail] 
 Nominated Adviser / Joint 
  Broker 
  Ewan Leggat / Charlie       SP Angel Corporate Finance    [phone] 
  Bouverat                     LLP                           0470 
 Financial PR 
  Isabel de Salis / Cosima                                  [phone] 
  Akerman                     St Brides Partners Ltd         1177 
 

Notes

Keras Resources plc is focused on building a strategic portfolio of resource assets. The Company provides investors with exposure to a portfolio of development assets, including manganese, cobalt and nickel in Togo, West Africa. It also has a significant interest in Calidus Resources Limited ('Calidus'), a highly prospective gold exploration and development company in Australia, which is currently undertaking a Pre-Feasibility Study at its Warrawoona gold project. Keras benefits from a highly skilled management team, which has extensive operational experience in Africa and Australia and proven success in advancing assets up the value curve.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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March 21, 2019 03:01 ET (07:01 GMT)