Half-year Report to 31 December 2016
Adelaide, Mar 2, 2017 AEST (ABN Newswire) - The Directors of Core Exploration Ltd (
ASX:CXO) present their Report together with the financial statements of the consolidated entity, being Core Exploration ("Core" or "the Company") and its controlled entities ("the Group") for the half year ended 31 December 2016 and the Independent Review Report.
REVIEW OF OPERATIONS AND FINANCIAL RESULTS
Core Exploration Ltd holds exploration projects comprising prospective tenements in the highly prospective geology in the Northern Territory and world-class mining provinces in South Australia.
The Company's project areas are focused on targets within prospective geological terrains for lithium, base metals and uranium in Northern Territory and South Australia, which host world-class mining operations including Olympic Dam and Four Mile and Beverley uranium mines.
In the half year to 31 December 2016, Core continued its exploration programs at its 100%-owned tenements in the Finniss region in the Northern Territory.
The net loss of the Company, from the six months to 31 December 2016, was $878,544.
During the period, the Company raised $9.0 million through a share placement and share purchase plan to progress the Group's lithium projects.
During the period, the Group issued 1,086,957 Shares upon completion of the agreement to acquire Exploration Licence EL 29698 at the Finniss Lithium Project in the Northern Territory. Further, the Group issued 1,000,000 shares and paid $85,000 as consideration for the acquisition of Exploration Licence EL 31058 in the Northern Territory.
To view the full report, please visit:
http://abnnewswire.net/lnk/RQJCAE94
About Core Lithium Ltd
Core Lithium Ltd (ASX:CXO) is an emerging lithium producer focused on development of its Finniss Project near Darwin in the Northern Territory. Core owns 100% of Finniss, a major developing project that lies close to existing infrastructure such as the Darwin Port, grid power, gas and rail infrastructure.
The Finniss Project covers a 500km2 tenement holding and 25 historic pegmatite mines. The project area is about 80km from Darwin Port. Exploration work has generated a near term development timeline, with feasibility studies to be completed over the course of 2018 ahead of receipt of approvals in early 2019 and planned first production during 2019.
An aggressive exploration program is under way, which has confirmed the high quality prospectivity across much of the Finniss Project area. Core's stated ambition is to upgrade Finniss' resource base to fast-track commercialisation options.
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