ASX ANNOUNCEMENT
Argonaut Resources NL (ASX: ARE) advises that it has agreed the sale
of its 10% interest in Kanmantoo exploration licence EL 3277 held by
Argonaut’s subsidiary Kelaray Pty Ltd with Hillgrove Resources
Limited for $2,500,000 satisfied by the issue of 10 million Hillgrove
shares in consideration.
EL 3277 covers an area of 489km² in the highly prospective Kanmantoo
Trough, east of Adelaide in South Australia. EL 3277 includes the Emily Star
deposit of 1.243MT of Probable Ore Reserves which contributes
approximately 11% of the total Probable Ore Reserve currently defined as
part of the Kanmantoo Copper/Gold Mine development. EL 3277 surrounds
Hillgrove’s wholly owned tenements which contain the Kanmantoo
Copper/Gold Mine development’s remaining mining inventory.
First production of copper concentrates from the Kanmantoo Mine is
targeted for mid 2009.
Mr Graeme Ellis, Argonaut’s Managing Director said today “This transaction
allows the consolidation of the Kanmantoo Copper Gold Project in South
Australia by Hillgrove and will result in the simplification of all aspects
relating to the development of this exciting project.”
extra 2.5Mn in the kitty!
ONWARD BOUND!
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