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BigAlvin

204 Posts.

11/07/14

15:46

Post #: 13647005
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Originally posted by Ben2010 ↑

11th July 2014 QUEENSLAND BAUXITE ACQUIRES STRATEGIC STAKE IN NSW BAUXITE PROVINCE  QBL to hold key mineralisation in regionally strategic NSW bauxite project  This acquisition further expands QBL’s bauxite portfolio across Eastern Australia – with significant large scale bauxite mineralisation already identified  In discussions with neighbouring tenement owners  South Johnstone project remains main focus The Board of Queensland Bauxite Limited (ASX:QBL) (“QBL” or “the Company”) is pleased to announce that the Company has entered into an agreement to acquire a significant portion of a known gibbsitic bauxite province in the Nullamana region of Inverell in northern New South Wales. This agreement further consolidates QBL’s strategic ownership of emerging gibbsitic bauxite key areas along the Eastern Coast of Australia. The Company has entered into an agreement to acquire 50% of exploration licence (EL 7301) in New South Wales. Background to the acquisition EL7301 was originally granted to Volcan Australia Corporation Pty Ltd (VAC), the controlling shareholder of QBL, in 2008. VAC then entered into a joint venture with Plateau Bauxite Limited (PLB), a public unlisted company, which saw Plateau Bauxite earn 50% of the tenement. Plateau Bauxite has already spent in excess of $3 million in bauxite exploration on EL7301. In October 2013, First State Pty Ltd, a local independent investment company, acquired VAC’s remaining 50% interest in EL7301. Since the Indonesian export ban on unprocessed minerals came into effect in January 2014, which has reinvigorated the bauxite market, the directors of QBL have been negotiating with First State to acquire its interest in EL7301. We are pleased to have come to an agreement that the directors believe is of good strategic value to QBL and in line with the Company’s vision of becoming a major emerging force in the bauxite market. With continuing forecast strong demand for bauxite as well as a result of the Indonesian ban on bauxite export that came into effect in January, the Company is looking to increase its portfolio of strategic bauxite projects at the right price. This acquisition fits the criteria. QBL has agreed to purchase First State's 50% interest in the tenement and will have clear and unencumbered title of its 50% interest with the issue of 37.5 million ordinary shares in the

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Why are there no more trades going through? There isn't a trading halt is there?

QBL Price at posting: 3.0¢ Sentiment: Buy Disclosure: Held
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