Perth: Alara Resources Limited (ASX: AUQ) (Alara or Company) reports on the submission of a new mining licence application in Khnaiguiyah, Saudi Arabia.
New Mining Licence application submitted
The Company refers to the licensing section of its Quarterly Activities Report1. In particular, exploration licences and applications included in the Shareholders’ Agreement between Alara and United Arabian Mining Company that are expired and/or cancelled.
Further to the latest announcement regarding Alara’s joint venture with Bayan Mining Company LLC (‘Bayan’)2, the Company is pleased to report that further steps are being taking to help preserve existing value and upside potential3 of the Khnaiguiyah Project.
Bayan has now submitted a mining licence application over areas that are adjacent to the Khnaiguiyah Mining Licence, including the southern end of the K3 pit4.
AUQ Price at posting:
1.9¢ Sentiment: Buy Disclosure: Held
