Global Coal Mgmnt - Re Alliance
RNS Number:8935U
Global Coal Management PLC
16 April 2007
Strategic Alliance for Exploration for Uranium in Africa
16.04.07
Global Coal Management plc ('GCM'), (AIM: GCM) announces it has signed a legally
binding Heads of Agreement to form an alliance with Aura Energy Ltd (ASX: AEE)
to identify and acquire uranium projects in Africa. The alliance brings
together the exploration skills of Aura and the project development and mining
experience of GCM.
GCM has adopted a strategy of diversification from its coal project in
Bangladesh and has specifically identified Africa as a mineral region with
potential for further discovery and development as evidenced by its investment
in GVM Metals Ltd (ASX: GVM).
Aura is a uranium exploration company based in Perth, Western Australia which
was listed on the Australian Stock Exchange in May 2006. Aura has a portfolio
of exploration titles which are being actively explored for calcrete and
sandstone-hosted uranium deposits. Aura's Managing Director, Dr Bob Beeson
leads a team which has broad experience in uranium and base metal exploration in
both Australia and overseas - including Africa and the Middle East.
The alliance will be managed and exploration conducted by Aura and funds will be
provided jointly by Aura and GCM in cash and in kind. The initial term of the
alliance is for two years. GCM's obligation is to provide funding of £165,000
for the first two years' activities of the alliance. Aura will identify and
present project opportunities to the alliance.
Following presentation of projects by the alliance, GCM will have the right to
decide whether it wishes to progress to the exploration stage to be structured
as a GCM - Aura joint venture, initially sole funded by GCM. GCM's participation
interest in each joint venture will be 70% or 90% depending upon Aura's funding
contribution.
The alliance programme will be led by Neil Clifford. Neil is one of Australia's
most experienced and successful geologists. He has in excess of 30 years of
exploration experience, and has held senior exploration (BF1) management
positions both in Australia and in Europe, including 13 years as Exploration
Manager with Billiton Australia and Acacia Resources Ltd.
Steve Bywater, Global Coal Management's CEO commented:
'The Aura team, led by Dr. Bob Beeson, are skilled and experienced exploration
experts, and we are pleased to be working with them on this new venture.
Uranium as a fuel for power generation is expected to have a growing demand, and
this diversification adds to our portfolio of energy interests. The GCM board
and management team has significant experience in Africa, and also with the
mining of minerals other than coal - and look forward to the evaluation of
prospects that are identified by the Aura team.'
For Further Information:
Steve Bywater
Chief Executive
Ph: +44 (0)207 290 1630
Graham Taggart
Finance Director
Ph: +44 (0)207 290 1630
Cathy Malins or Annabel Leather
Parkgreen Communications
Ph: +44 (0)207 851 7480
Notes to editors:
Global Coal Management plc:
Global Coal Management (formerly Asia Energy plc) is a London based company
quoted on the London Stock Exchange's Alternative Investment Market ('AIM').
The Company's primary activity is the development of the Phulbari Coal Project
in Northwest Bangladesh into a world class open pit mine, adhering to the
highest national and international environmental and social standards. The mine
will have a life of more than 30 years and at full capacity will produce 15
million tonnes a year of mostly export quality metallurgical and thermal coal.
Its objective is to start mining activity once it has Government of Bangladesh
approval for the Scheme of Development and Feasibility Study.
In December 2006, the company invested in GVM Metals Limited, whose focus is to
bring its South African coal properties to production.
GCM also made a strategic investment in the Bangladesh telecommunications
market, acquiring 26.5% of Peoples Telecommunications and Information Services
Ltd (PeoplesTel)
For further information: www.gcmplc.com
Aura Energy Pty Ltd:
Aura has been established to make discoveries of economic uranium deposits. Its
strengths are its exploration team, the portfolio of exploration properties that
it is exploring, and the opportunities that exist for the future growth of the
Company. A substantial business development programme to acquire additional
assets has already commenced.
For Further information: www.auraenergy.com.au
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(BF1)
This information is provided by RNS
The company news service from the London Stock Exchange
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