Balamara Resources Limited (“Balamara” or the “Company”) is pleased to advise that it has received a formal invitation from the Ministry for Mining and Energy in Togo, West Africa to attend a final stage meeting as part of its bid to secure the world-class Togo Carbonated Phosphate Project in consortium with a strong group of international partners.
The Company lodged its final tender documents with the Government of Togo on 17 January 2013. Balamara management will now travel to Togo to attend this key meeting in the week commencing 8 April 2013.
From previous correspondence from the Ministry for Mining and Energy, Balamara understands that this meeting is one of the final steps in determining the award of the project.
Following these meetings, final positions will be officially presented and the Government of Togo will then select its preferred partner to develop the Project.
Balamara has assembled a strong consortium of partners for the tender process, including one of the largest investment banks in the world. Based on the experience and capabilities of the consortium members, as well as the quality and depth of its proposal to the Government of Togo, the Company remains confident about its prospects in the final selection process.
The Togo Project is a significant phosphate asset which has been extensively drilled by the French technical agency BRGM in the past. It is shallow and therefore considered relatively easy to mine. Perhaps most importantly of all, it is located only 30km from an existing port facility with infrastructure in place.
Balamara is still considering other potential consortium partners that may further assist with key aspects of the tender and is currently in discussions with several parties.
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