Business
Option Agreement
Option Agreement.
About this update from Beacon Energy Plc
[{"type":"text","content":"\n \nRNS Number : 7374V CEB Resources PLC 18 December 2013 \n \n\n18 December 2013 \nCEB Resources plc \n(\"CEB\" or \"the Company\") \nCEB signs its first Exclusive Option Agreement over Australian Base Metal Project. \nCEB Resources plc (AIM: CEB) (\"CEB\" or the \"Company\") is pleased to announce an exclusive option agreement with ASX-listed company Balamara Resources (ASX: BMB) (\"BMB\") to farm into its Peelwood Project located in NSW, Australia. To view the press release with the project illustrations, please use the following link:\n \nhttp://www.rns-pdf.londonstockexchange.com/rns/7374V_1-2013-12-17.pdf\n \nUnder the agreement CEB can earn into 49% of Peelwood at its election by spending A$1.2 million via three tranches paid over the next 12 months, split as follows:\n \n· Earns into 20% via initial tranche of A$400,000, payable within 30 days of the signing of the definitive agreement.\n· Earns into a further 15% (CEB total 35%) within 6 months of the definitive agreement via a second tranche payment of A$400,000.\n· Earns into a further 14% (CEB total 49%) within 12 months of the definitive agreement via a third tranche payment of A$400,000\n \nThis agreement allows Balamara to continue to add value at Peelwood as it spends the proposed A$1.2 million. This utilizes the experience Balamara has developed at the Project over the past five years. CEB will play a role on the technical committee to oversee development at Peelwood but will rely on Balamara to manage this project on the ground going forward.\n \nPeelwood Project\n \nPeelwood is an advanced zinc-copper project owned 100% by Balamara with a JORC compliant resource as follows:\n \n\n\n\n\nResource\n\n\nCategory\n\n\nTonnes\n\n\nZn %\n\n\nCu %\n\n\nPb %\n\n\nAg g/t\n\n\nZinc equivalent ***\n\n\n\n\nPeelwood\nNorth *\n(1% Zn cut off)\n\n\n \nIndicated\n\n\n \n597,000\n\n\n \n4.5%\n\n\n \n1.0%\n\n\n \n0.6%\n\n\n \n15 g/t\n\n\n \n9.2%\n\n\n\n\n\n\n\n \nInferred\n\n\n \n39,000\n\n\n \n3.0%\n\n\n \n1.1%\n\n\n \n0.3%\n\n\n \n13 g/t\n\n\n \n7.8%\n\n\n\n\n\n\n\n \nTotal \n\n\n \n636,000\n\n\n \n4.4%\n\n\n \n1.0%\n\n\n \n0.5%\n\n\n \n15 g/t\n\n\n \n9.0%\n\n\...