Savannash to acquire Oman copper database?

PUBLISHED: Jan 14 2015 @ 13:57 | Comments (0) |

Block 4 Database Acquisition – Oman

Savannah Resources (AIM:SAV) has agreed to acquire an extensive, digitised exploration database relating to the Block 4 Copper Project (over which Savannah has an agreement to earn in up to 65%), which is located in the mineral rich Oman Ophiolite belt.

Block 4 is one of three highly prospective copper projects in which Savannah has an interest in Oman, which collectively total 1,270 km².

Savannah’s CEO, David Archer said, “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.”

The Database comprises:

· Digital drilling data (collar, assay, survey, geology)
· Digital surface geochemistry data (stream sediment, biogeochemistry, rock chip)
· Satellite imagery
· Geophysics (aeromagnetic data)
· Digital terrain modelling data
· Digital cadastral and geology files
· Official reports and presentations
· Digitised project compilation (including of all drill hole data)

The consideration for the Database is AUD $40,000 and is to be settled by the issue of 637,381 new ordinary shares in the Company (calculated using the 10 day volume weighted average price of Savannah’s ordinary shares, which is 3.3481p).

Application will be made for the new ordinary shares to be admitted to trading on AIM (“Admission”). Admission is expected to occur at 8.00 a.m. on 19 January 2015. Following Admission, the total number of voting rights in the Company will be 223,807,095 ordinary shares. This number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure and Transparency Rules.

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