Settlement of Sugarloaf Land Acquisition
Adelaide, May 10, 2013 AEST (ABN Newswire) - Archer Exploration Limited (
ASX:AXE) is pleased to announce that it has settled the purchase of the Sugarloaf Property, located approximately 35km north of the township of Cleve on South Australia's Eyre Peninsula.
The Sugarloaf Property which lies within the Company's Carappee Hill tenement EL 4861, contains the bulk of the Sugarloaf graphite deposit which has an identified Exploration Target of 40-70Mt at 10-12%C*.
* The potential quantities and grades presented as the Exploration Target are conceptual in nature, there has been insufficient exploration to define an overall Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.
The Sugarloaf Property consists of 568 hectares (1,404.3 acres) of land with 503 hectares arable and used for winter cropping. The Company intends to appoint farm managers who will continue to operate the land on that basis.
The acquisition of the landholding gives the Company flexibility in conducting ongoing exploration and far greater flexibility for the planned future mining operations.
The purchase of the Sugarloaf Property represents another step toward the Company's plans to further develop its graphite projects on the Eyre Peninsula.
To view tables and figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-AXE-734791.pdf
Contact
Archer Exploration Limited
T: +61-8-8272-3288
WWW: www.archerexploration.com.au
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