West Roxby Tenement Sale Completed
Perth, June 22, 2012 AEST (ABN Newswire) - Archer Exploration Limited (
ASX:AXE) through its wholly owned subsidiary Kensington Exploration Pty Ltd, this morning completed the sale of the Company's five West Roxby exploration tenements to BHP Billiton (ASX:BHP). At Completion Archer received a payment of $8.0 million resulting in the Company having over $13.0 million cash in bank to fund its work programs.
Finalisation of the sale of the West Roxby project leaves Archer in a very strong cash position and well placed to complete the drilling of the Campoona Graphite Deposit to JORC Resource status.
Contact
Archer Exploration Limited
T: +62-8-8272-3288
WWW: www.archerexploration.com.au
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