8th Jan 2013 07:01
BASE RESOURCES LIMITED - Response to Media Speculation - Exploration LicensesBASE RESOURCES LIMITED - Response to Media Speculation - Exploration Licenses
PR Newswire
London, January 8
Base Resources Limited (ASX:BSE; AIM:BSE) ("Base" or the "Company") notes themedia speculation in relation to a gazette notice recently issued by the KenyanMinister of Environment & Mineral Resources purporting to cancel threeexploration licenses held by Tiomin Kenya Limited and subject to an optionagreement with Base.
The exploration licenses concerned cover the Kilifi, Mambrui and Vipinguprojects on which Base has been conducting drilling and metallurgical test workand evaluations over the last 18 months.
The Company has not as yet received formal notification from the Department ofMines & Geology or any explanation of the rationale for this action. Basebelieves it is in full compliance with the terms of these licenses and hassubmitted all required quarterly activity reports. Furthermore, the Companysuccessfully had these three licenses renewed in 2011 and 2012, as such, Basecan see no legal basis for the gazette notice purporting to now cancel them.Consequently, the Company is taking the appropriate legal action to protect therights.
The gazette notice has no relationship in any way to the Company's 100% ownedKwale Project which is covered by a 21 year Special Mining Lease held directlyby Base.
A full PDF version of this announcement is available at the Company's website: www.baseresources.com.au.
ENDS
For further enquiries contact:
Base Resources LimitedTim CarstensManaging DirectorEmail: [email protected]: +61 (8) 9413 7400RFC Ambrian Limited (Nominated Adviser and Broker)As Nominated Adviser
As BrokerAndrew Thomson or Trinity McIntyre Caspar Shand-KyddPhone: +61 (8) 9480 2500 Phone: +44 20 3440 6800Tavistock Communications (UK Media Relations)Jos Simson/ Jessica Fontaine/ Emily FentonPhone: +44 20 7920 3157Cannings Purple (Australian Media Relations)Annette Ellis / Warrick HazeldineEmail: [email protected]@canningspurple.com.auPhone: +61 (8) 6314 6300Corporate Details:Board of Directors: Principal & Registered Contacts: Office:Andrew King Non-Executive Chairman Level 1 Email:Tim Cartsens Managing Director 50 Kings Park Road [email protected] Bwye Executive Director West Perth Phone: (08) 9413 7400Sam Willis Non-Executive Director WA 6005 Fax: (08) 9322 8912Michael Anderson Non-Executive DirectorTrevor Schultz Non-Executive DirectorWinton Willesee Non-Executive Director/ Company SecretaryAbout Base Resources
Base Resources Limited (ASX:BSE) is developing the world-class Kwale MineralSands Project in Kenya, East Africa. Kwale is an advanced and highlycompetitive project in a sector with a significant forecast supply shortfallwidely expected to emerge in the medium term.
The Kwale Project represents an advanced development opportunity with allmaterial project approvals, permits and licenses required for developmentcurrently in place, funding in place and construction of all project elementsunderway.
The Project enjoys a high level of support from the Government of Kenya as wellas the local community and, located just 50km from Mombasa, Kenya's principalport facility, is well serviced by existing physical infrastructure.
Importantly, two pilot plant operations at Kwale provide confidence inprocessing behaviour and indicate a suite of readily marketable products. TheProject's high value mineral assemblage and low stripping ratio result in aprojected revenue to cash cost ratio that would place Kwale in the top quartileof world producers.
A realistic development time line should see the Kwale Project in production inthe second half of 2013.
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