$693,748 Funds Received - Research and Development Claim
Sydney, Dec 14, 2017 AEST (ABN Newswire) - Argent Minerals Limited (
ASX:ARD) (Argent, or the Company) is pleased to report that $693,748 has been received in relation to the Company's research and development (R&D) claim for the financial year ending 30 June 2017.
Highlights:
- $693,748 cash payment received from the Federal Government R&D Tax Incentive Scheme.
- Further boost to Argent cash resources.
- Funds to be strategically applied to Argent's exploration projects.
- Total of $1,011,592 cash received by Argent in 2017 from the Australian Federal and NSW Government in support of Argent exploration activities.
The claim relates to a range of technical development activities associated with advancing the Company's Kempfield, West Wyalong and Loch Lilly projects.
The Company appreciates the support of the Federal Government through the R&D Tax Incentive Scheme. These funds will be applied strategically to support the Company's exploration and evaluation programmes.
Together with $317,844 cash received during the year from the NSW Government Cooperative Drilling Round 2 programme, a total of $1,011,592 cash has been received by the Company during calendar year 2017 from Australian Federal and State Government support of Argent's exploration activities.
The NSW Government Cooperative Drilling funding was awarded to Argent for its West Wyalong and Loch Lilly projects in a highly competitive environment in which funding applications were assessed by independent expert panels.
Including Kempfield, all three projects have been awarded NSW Cooperative Drilling funding, underlining the quality of the Company's projects, exploration programmes, and financial management, as assessed by the Government appointed expert panels.
About Argent Minerals Limited
Argent Minerals Limited (
ASX:ARD) is an Australian publicly listed company with a 100% interest in a silver/gold project at Kempfield NSW. Work is underway on the preparation of an EIS and a feasibility study for the first stage of the project which will involve heap leaching some 8.8 million tonnes of mainly oxide and transitional material to produce over 9.5 million ounces of silver and 15,000 ounces of gold over a 5 year mine life. Argent is also earning up to a 70% interest in two other NSW projects - gold at West Wyalong and base metals at Sunny Corner.
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