Takatokwane South – Election to Proceed Perth, Western Australia: Mineral exploration company Nimrodel Resources (ASX: NMR) is pleased to announce it has completed the phase one drilling program and has elected to proceed with the next stage of its earn-in agreement with Triprop Energy Pty Ltd (Triprop) at its Takatokwane South coal project in Botswana. Highlights ? Phase 2 drilling at Takatokwane South is expected to build on the company’s Maiden Inferred JORC Resource of 4.23 billion tonnes of coal at the Takatokwane Coal Project ? 27 holes completed; 16 diamond core holes and 11 reverse circulation (RC) drill holes for 4,850m of drilling in total ? Proximate results from phase 1 drilling are due in the first quarter 2012 “The completion of drilling at Takatokwane South is another major step for the company,” Managing Director Chris Mason said. “We believe the drill program at Takatokwane South has the potential to significantly add to our current resource base of 4.23 billion tonnes of coal.” Summary Pursuant to the agreement with Triprop and Nimrodel’s election to proceed Nimrodel will issue Triprop with 1.25 million shares at $0.04 per share and a cash payment of $50,000.. Phase two of the drill program is currently being reviewed internally and will be finalised once all the results have been returned. It is planned that the infill drilling will be sufficient for an extension to the existing Inferred Resource estimation at Takatokwane. Phase two drilling should commence in early 2012.
NMR Price at posting:
4.0¢ Sentiment: None Disclosure: Not Held
