Business
Re Alliance
Re Alliance.
About this update from Gcm Resources Plc
[{"type":"text","content":"\n Global Coal Management PLC\n16 April 2007\n\n\n\nStrategic Alliance for Exploration for Uranium in Africa\n\n16.04.07\n\nGlobal Coal Management plc ('GCM'), (AIM: GCM) announces it has signed a legally\nbinding Heads of Agreement to form an alliance with Aura Energy Ltd (ASX: AEE)\nto identify and acquire uranium projects in Africa. The alliance brings\ntogether the exploration skills of Aura and the project development and mining\nexperience of GCM.\n\nGCM has adopted a strategy of diversification from its coal project in\nBangladesh and has specifically identified Africa as a mineral region with\npotential for further discovery and development as evidenced by its investment\nin GVM Metals Ltd (ASX: GVM).\n\nAura is a uranium exploration company based in Perth, Western Australia which\nwas listed on the Australian Stock Exchange in May 2006. Aura has a portfolio\nof exploration titles which are being actively explored for calcrete and\nsandstone-hosted uranium deposits. Aura's Managing Director, Dr Bob Beeson\nleads a team which has broad experience in uranium and base metal exploration in\nboth Australia and overseas - including Africa and the Middle East.\n\nThe alliance will be managed and exploration conducted by Aura and funds will be\nprovided jointly by Aura and GCM in cash and in kind. The initial term of the\nalliance is for two years. GCM's obligation is to provide funding of £165,000\nfor the first two years' activities of the alliance. Aura will identify and\npresent project opportunities to the alliance.\n\n\n\nFollowing presentation of projects by the alliance, GCM will have the right to\ndecide whether it wishes to progress to the exploration stage to be structured\nas a GCM - Aura joint venture, initially sole funded by GCM. GCM's participation\ninterest in each joint venture will be 70% or 90% depending upon Aura's funding\ncontribution.\n\n\n\nThe alliance programme will be led by Neil Clifford. Neil is one of Australia's\nmost experienced and successful geologists. He has in excess of 30 years of\nexploration experience, and has held senior exploration (BF1) management\npositions both in Australia and in Europe, including 13 years as Exploration\nManager with Billiton Australia and Acacia Resources Ltd.\n\nSteve Bywater, Global Coal Management's CEO commented:\n\n'The Aura team, led by Dr. Bob Beeson, are...