News blog
African Eagle Resources
- BY: Andrew Hore |
- POSTED: 07/04/2009 |
- COMMENTS: Add yours
African Eagle Resources has negotiated an option to acquire a stake of up to 75% in the Ngasmo licence area next door to Dutwa in Tanzania.
The Dutwa nickel project is the company’s main focus. Ngasmo is owned by Czech-based SAFINA. African Eagle can earn up to 75% of Ngasmo by funding exploration and evaluation work up to a feasibility study. This interest is earned in three stages. Once the stake reaches 50% - after a JORC resource is calculated - Ngasmo will become part of the bankable feasibility study for Dutwa. African Eagle will earn 75% of Ngasmo if it funds its development.
If the projects are developed together the two parties will be allotted shares of the entire project in relation to the individual values of the two projects.
Dutwa has a resource of 31m tonnes at 1.1% nickel and the combined project could have a total of 50m tonnes.
Shares in African Eagle rose 0.5p to 3.375p each, which values the explorer at £7.17m.
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