News: Bisan Limited to outline graphite drilling at Pencil Hill

Bisan Limited (ASX:BSN) is preparing to divulge details of drilling undertaken at the Pencil Hill Graphite project in Botswana.

Bisan is considering acquiring an interest.

The ASX has granted the company a trading halt, with its shares placed in pre-open.

In late-July a rig was mobilised to the project, and drilling was expected to cover two diamond holes to a depth of 200 metres each to test for graphite.

Subject to the results of these two drill holes, Bisan can purchase a 30% interest in the Pencil Hill PL which covers an area of 975 square kilometres.

If Bisan proceeds with the purchase, then the company will also have a first right of refusal to increase its pre-IPO holding in Pencil Hill to 51%.

The halt will remain in place until the opening of trade on Wednesday 20th August 2014, or earlier if an announcement is made to the market.