Exercises Option To Acquire 51% of Genesis
Exercises Option To Acquire 51% of Genesis
Perth, Mar 1, 2013 AEST (ABN Newswire) - The Board of Western Mining Network Limited (ASX:WMN) is pleased to announce that the Company has exercised its option to purchase 51% of the total number of issued shares held in PT Genesis Berkat Utama ("Genesis"). The Company acquired this option as part of its Strategic Alliance with Borneo Brothers Limited (as announced on 21 November 2011) which was approved by shareholders on 23 March 2012.

Genesis holds a 2,276 hectare manganese tenement in Toli Toli, Central Sulawesi with an IUP Production license ("Genesis Project"). The tenement has an excellent location with two potential jetty sites within 25 kilometres of the tenement using existing roads.

During the last year since the option was acquired, Genesis has obtained a "clean and clear" certificate for its IUP production license and also completed all relevant environmental studies. A number of manganese boulders have been found on the tenement with results from five rock chip samples ranging from 41.4% to 55.3% Mn. A geomagnetic survey over 490 hectares of the tenement was carried out to identify a number of anomalies for follow up work. The Board and management consider the Genesis Project to be a value accretive asset for Shareholders.

The consideration paid to the existing shareholders of Genesis to exercise the option was 53,550,000 Rupiah (AUD$5,373). The Company is now in the process of incorporating a wholly-owned Indonesia entity with foreign investment status (PMA) which will directly hold the 51% of the shares in Genesis.

About European Cobalt Ltd

European Cobalt Limited (ASX:EUC), formerly Western Mining Network Limited, is engaged in the acquisition and exploration, and evaluation of resource-based projects within Indonesia. The Company operates through two segments: mineral exploration and treasury.

   


Contact

Western Mining Limited
T: +61-8-9421-7777
WWW: www.westernmining.net



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