14th Jan 2015 09:54
LONDON (Alliance News) - Savannah Resources PLC on Wednesday after it said it issued shares to acquire a digitised exploration database related to the Block 4 copper project in Oman, which will save the company time and improve its understanding of the area.
Savannah shares were down 5.8% to 2.52 pence per share on Wednesday morning.
Savannah, which has an agreement to earn in up to 65% of the copper project, purchased the database for AUD40,000, which was settled by Savannah issuing 637,381 shares at a price of 3.3481 pence per share.
The database includes digital drilling data, digital surface geochemistry data, satellite imagery, digital terrain modelling data, digital cadastral and geology files, official reports and presentations and a digitised project compilation, including all previous drill hole data, it said in a statement.
"We are pleased that we have been able to acquire the database which will save us many months' work and will help expedite the integrated exploration of this large, highly prospective copper block," said Chief Executive David Archer.
By Joshua Warner; [email protected]; @JoshAlliance
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