Building a Cobalt company, page-10

Archer Exploration Limited (ASX:AXE) wishes to advise that it has elected to terminate the Farmin and Joint Venture Agreement (Agreement) with Cobalt Bull Pty Ltd (CB). This decision follows a favourable review undertaken on the cobalt potential of the project area and CB not meeting the final conditions precedent as stipulated as part of the Agreement.

Under the terms of the Agreement (ASX announcement 31/08/16) CB could earn a 75% joint venture interest in certain tenements, including the Ketchowla Cobalt Manganese Project.

The Agreement allowed Archer to terminate if CB was unable to complete a capital raising or ASX listing by 31 January 2017.

Archer Executive Chairman, Mr Greg English:

“In light of the strong interest shown in cobalt and the recent significant increase in the manganese ore price, Archer has decided to terminate the Agreement.” “Termination of the Agreement allows Archer to retain full ownership of the tenements (including the Ketchowla Cobalt Manganese Project) meaning that Archer shareholders will gain 100% of the benefit of any exploration success.”