Deutsche Rohstoff Ag:
Signed
Australian Proto Resources paying a purchase price of EUR 200,000
Heidelberg, Germany. Deutsche Rohstoff AG has signed an option agreement on
the sale of its 'Granulitgebirge' licence in Saxony, Germany. The
contracting party Proto Resources (http://www.protoresources.com.au/) based
in Sydney, Australia, will take over the licence on the following
conditions:
- Upon signing of the agreement a non-refundable option payment of
EUR 40,000 falls payable to Deutsche Rohstoff AG.
- After payment Proto will be granted a period of three months to conduct a
due diligence review.
- Should Proto eventually decide to purchase the licence, an additional
payment of EUR 160,000 will fall due.
- Deutsche Rohstoff AG undertakes to renew the licence which expires in
August 2011 and to initiate transfer of the licence to Proto. Should the
mining authorities withhold their approval for transferring the licence for
reasons outside Proto's sphere of influence, the purchase price will be
refunded.
Within the 'Granulitgebirge' licence area, which also includes the
'Kiefernberg' section, nickel, cobalt and chrome were discovered in the
1970s and 1980s. The identified resources were classified as nickel
laterite ore. Deutsche Rohstoff AG has conducted extensive research in the
Kiefernberg area over the past three years, including core sampling as well
as a desktop-study on the potential treatment of the nickel ore deposits.
Results showed that on the basis of the processing and leaching methods
currently applied and in view of the present nickel prices economic
production cannot be expected (cf. press release 3 May 2010). The residual
value of the licence has thus been fully depreciated in the 2010 financial
year.
Heidelberg, 8 June 2011
Entry Standard-listed Deutsche Rohstoff AG is setting up a new commodity
producer. The Group's priority areas include gold, oil, gas and so-called
'high-tech metals' such as tungsten, tin and rare earth elements. All
projects are located in politically stable countries, whereby special focus
is placed on Germany. The Group's business model is based upon
(re)developing deposits which were already explored in the past. First
production activities were taken up in January 2011 in Georgetown,
Australia. For further information about Deutsche Rohstoff AG log on to
www.rohstoff.de.
Contact:
Dr. Thomas Gutschlag
+49 6221 652 4730
gutschlag@rohstoff.de
End of Corporate News
Unternehmen: Deutsche Rohstoff AG - ISIN: DE000A0XYG76