ENP Newswire -
Release date- 18072014 -
The Placement will be completed in a single tranche under ASX Listing Rule 7.1 and is expected to settle on
The Placement now gives us the ability to increase ownership in our projects and rapidly advance the Balama North project and in particular to continue to add value for all of our shareholders. Putting the Company in a well funded position with the proceeds from the Placement enables us to also maintain an aggressive drilling program at the Nicanda Hill prospect where we presently have two diamond and one RC rig on site.
Nicanda Hill contains multiple high grade graphite zones that are being targeted and remains open in all directions. Subject to further exploration success, Triton is seeking to use the funds from the Placement to delineate an Inferred Resource, as classified by the JORC 2012 guidelines, on the Nicanda Hill prospect by the fourth quarter of 2014.
In parallel with our drilling campaign, metallurgical and mining studies that are well underway, Triton is expecting to release the results of the scoping study which has been expanded to include the Nicanda Hill exploration results, once an Indicated Resource, as classified by the JORC 2012 guidelines has been defined.'
Triton Acquires 100% of the Graphite Projects
Triton is also pleased to announce that after recent discussions with Triton's joint venture partner
Triton shall pay Grafex
The payment is structured in two tranches. Each tranche being
As further consideration,
Upon the payment of Tranche 1, Triton's interest in the Projects shall increase to an eighty (80%) percent interest.
Upon the payment of Tranche 2, Triton's interest in the Projects shall increase to 100% with
Commenting on the transaction, Triton Minerals Managing Director
Triton is extremely confident of continued exploration success at the Nicanda Hill prospect and is looking forward to providing further exploration updates to the market, as the information becomes available.
For further information, please visit www.tritonmineralsltd.com.au
Tel: + 61 8 6489 2555
Tel: + 61 8 6489 2555
This document may include forward-looking statements. Forward-looking statements include, but are not necessarily limited to, statements concerning
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