Dwyka Resources Limited ('Dwyka' or the 'Company')
Final Results and Annual Report
"In the subsequent months, the implementation of this strategy has seen the company acquire interests in two exciting new projects - the Muremera nickel project, located in Burundi and owned by Dwyka's wholly-owned subsidiary Danyland Limited ('Danyland') was acquired in February 2007 and the Swazigold project, located in Swaziland, in respect of which the Company has a 45% overall interest as a consequence of its 50% shareholding in Swazi Gold Ventures (Pty) Ltd ('SGV'), the holder of a 90% interest in the project vehicle; the acquisition of which was completed in July 2007.
The Muremera nickel project is located within 2 kilometres of the Kabanga project, the world's largest undeveloped nickel sulphide deposit. Located just across the border in Tanzania, Kabanga was discovered in 1976 by the United Nations Development Programme ('UNDP'). Further UNDP surveys in 1978 resulted in the discovery of the prospective Muremera deposits on the Burundi side of the border. The anomalies have similar characteristics and further follow-up work by the UNDP confirmed that massive sulphide bodies, with nickel mineralisation, are the source of the anomalies. Extensive geophysics and geochemical surveys have delineated numerous targets and these are in the process of being drilled by BHP Billiton World Exploration, Inc. ('BHPB') pursuant to an Earn-in and Shareholders Agreement that will see the Company free-carried to the resource concept study phase in consideration of the acquisition by BHPB of an interest of up to 50% in Danyland."
DWY Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
