Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

Luwumbu Platinum . Nickel JV

30th Mar 2006 09:29

Albidon Limited30 March 2006 Suite 1 Hillway House 141 Broadway Nedlands 6009 Western Australia ARBN 107 288 755 Tel:x+61x8x9389 6300 Fax:x +61x8x9389 6400 Email:[email protected] ASX Code: ALB AIM Code: ALD via electronic lodgement http://www.rns-pdf.londonstockexchange.com/rns/6506a_-2006-3-30.pdf Exploration To Be Fast Tracked By Goldstream / Lonmin Plc At The LuwumbuPlatinum - Nickel Joint Venture In Tanzania HIGHLIGHTS • Luwumbu JV operator Goldstream Mining NL has announced a three fold increase in the exploration budget of the Luwumbu Project in 2006. • The term of Lonmin Plc's earn-in period in the Luwumbu JV has been extended from 4 to 6 years, over which time they will be sole funding the project. • Albidon is planning to undertake an extensive infill sampling programme in its Songea Project to the south of the Luwumbu Project in 2006. Luwumbu JV operator Goldstream Mining NL has announced a three fold increase inthe exploration budget of the Luwumbu project in 2006. The budget of A$3.3million reflects the significance placed on the high grade drill intersectionmade in hole NDH014 (announced January 2006), which intersected 16.14m @ 5.36g/tPt+Pd+Au including 1.67m @26.82g/t Pt+Pd+Au. The planned program will be sole funded by Lonmin Plc and includes 7500m ofdiamond drilling with two rigs initially focusing on defining the strike andnear surface extent of the mineralisation encountered in drillhole NDH014. Fieldoperations are to commence in May 2006 after the seasonal rains have settled. The term of Lonmin's earn-in period has been extended from 4 to 6 years, withthe effect that the earn-in period will now cease at 31 March 2009 or suchlonger period as agreed by Lonmins and Goldstream. Songea Nickel Copper Project (Albidon 100%) At Songea to the south of Luwumbu (see diagram 1 in the hyperlink above),Albidon is planning to undertake an extensive infill sampling programme in 2006to follow up several nickel - copper geochemical targets obtained in late 2005(this programme is to be funded by our Exploration Co-operation Agreementpartner BHP Billiton). If you have any queries please contact the Company Secretary, Nicholas Day on+61 8 9389 6300 or email [email protected]. Additional information may also be viewed on Albidon's website atwww.albidon.com. This information is provided by RNS The company news service from the London Stock Exchange

Related Shares:

ALD.L
FTSE 100 Latest
Value8,785.33
Change24.37