Baobab Resources plc (LON:BAO), the iron ore, base and precious metals explorer with a portfolio of exploration projects in Mozambique, advises that, through mutual agreement, the Joint Venture with Ferrex plc ('Ferrex') relating to the Changara project will be terminated with immediate effect with Baobab retaining 100% of the project.
Following a variation of the sale agreement, the total cash consideration of AU$39.5 million was paid to Atlas prior to settlement rather than in two tranches (AU$17.5 million on settlement and AU$22.5 million 12 months later) as originally announced in December 2011.
Atlas Iron Limited (ASX:AGO) is pleased to advise that it has made two key Board appointments as part of its preparations to grow iron ore production rate from 6Mtpa to as much as 46Mtpa.
Archer Exploration Limited (ASX:AXE) advises that following the sale of the remaining shares held in Archer by Hudson Resources Limited ("Hudson and related companies"), Mr. Peter Meers has resigned as a Director of Archer, effective immediately. The Honourable John Dawkins AO is currently overseas but has notified the Chairman that he intends to resign as a Director of Archer within the next week. Archer will notify ASX upon receiving a signed written resignation from John Dawkins. Both Directors were appointees of Hudson and their appointments were conditional on Hudson maintaining a substantial share holding in Archer.
Baobab Resources plc (LON:BAO) the mineral exploration and development company with a portfolio of assets in Mozambique, is pleased to provide an update on drilling at the Tete pig iron, vanadium and titanium project.
Archer Exploration Limited (ASX:AXE) advises that resource drilling recommenced on the 23rd May 2012 at the Company's 100% owned Campoona Graphite Project located approximately 12km north of the township of Cleve on Eyre Peninsula, South Australia.
The company advises that the company's Managing Director, Gary Stokes participated in a Boardroom Radio interview which can be accessed on Boardroom Radio's website as well as on the company's website.
