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Perth, June 22, 2012 (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.
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.
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About Archer Exploration Limited
Archer Exploration Limited (ASX:AXE) is a graphite, magnesite, copper, gold and manganese explorer focused on the discovery of world-class ore deposits.
The company has carefully acquired a portfolio of projects, covering an area in excess of 5300 km2, in the highly prospective Gawler Craton and Adelaide Fold Belt regions of South Australia. All projects are 100% owned by the Company.
Archer also has earned the right to 100% of minerals other than uranium on EL4693 Wildhorse Plain located near Cleve on Eyre Peninsula.
The Company's flagship Campoona and Sugarloaf graphite deposits occur in the Cleve district where the Company has tenure of 933km2 in the emerging graphite province.
Archer Exploration Limited has an experienced board and management team and has the ability to maximise the potential of the company's world-class projects.
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