Business
Calidus - Publication of PFS & Award of Shares
Calidus - Publication of PFS & Award of Shares.
About this update from Keras Resources Plc
[{"type":"text","content":"\n \nRNS Number : 7503F Keras Resources PLC 17 July 2019 \n\nKeras Resources plc / Index: AIM / Epic: KRS / Sector: Mining\n17 July 2019\nKeras Resources plc ('Keras' or the 'Company')\nPublication of Warrawoona Gold Project Pre-Feasibility Study &\nAward of 265 Million Shares in ASX-listed Calidus Resources Ltd\n \nKeras Resources plc, the AIM listed mineral resource company, is pleased to announce that Calidus Resources Limited (ASX:CAI) ('Calidus') has published a Pre-Feasibility Study ('PFS') demonstrating the commercial viability of the Warrawoona Gold Project ('Warrawoona' or the 'Project'). Subsequently, Calidus has issued the outstanding 265,000,000 Performance Shares in Calidus to Keras. \n \nKeras now holds 723,750,000 fully paid ordinary shares, representing approximately 39.1% of the issued share capital of Calidus. As previously announced on 2 July 2019, Keras intends to distribute its Calidus shareholding pro-rata to Keras shareholders, with the distribution expected by the end of 2019.\n \nCalidus also published a Maiden JORC compliant Probable Ore Reserve of 8.9Mt @ 1.5g/t for 418koz Au at the Klondyke Prospect ('Klondyke'), located in the centre of Calidus' 1.25 million-ounce JORC compliant gold resource at Warrawoona in the Pilbara of Western Australia. \n \nHighlights\n· Calidus publishes PFS demonstrating the commercial viability of the Warrawoona Gold Project\n· Maiden JORC compliant Probable Ore Reserve of 8.9Mt @ 1.5g/t for 418koz Au at Klondyke\n· Keras' total Calidus shareholding of 723,750,000 shares is currently valued at c.£12.78m1, All Calidus shares are now free trading on the ASX and will be distributed to Keras shareholders post regulatory approval processes\n \nRussell Lamming, Chief Executive Officer of Keras, commented, \"The publication of the excellent PFS results is a major milestone for Calidus as it continues to add value to the highly prospective Warrawoona gold project in Western Australia. The publication facilitates the issuance of the final Performance Shares increasing Keras' strategic interest in Calidus to 39.1% currently valued at c.£12.78m. and assists us in distributing the Calidus shares to our shareholders. \n \n\"As noted in our announcement on 2 J...