ABM Resources NL (ASX:ABU)
Perth, April 28, 2009 AEST (ABN Newswire) - ABM Resources NL (ASX:ABU) Announces Exploration - Gold; Data compilation and field review has defined 3 priority gold targets for drill testing during 2009 at Broads Dam JV, Western Australia. An option granted to a third party company to explore, develop and purchase part of ABM's interest in the gold project. Exploration in Base Metals; In Erayinia JV (Western Australia), Data compilation continues, including gold and uranium targeting. In Corporate ABM announces Further cost reductions achieved, and completion of Capital Raising with Blackwood Capital.
Capital Raising
The placement with Blackwood Capital Limited to raise up to A$1,012,040 through a share placement of 84,336,699 shares at 1.2 cents per share with 1 for 5 free attaching unlisted options with an expiry period of 2 years and an exercise price of A$0.02 was completed during the Quarter and the final gross proceeds of A$481,040 were received. A total of 16,867,340 unlisted options were issued to institutional and sophisticated investor clients of Blackwood Capital Limited and 30 Million unlisted options were issued to Blackwood Capital Limited.
Option Agreement on Mozambique Project
During the quarter the company entered into an option agreement pursuant to which it has granted a company the option to explore, develop and purchase part of ABM's interest in three exploration licenses (2234L, 2295L and 1435L) located in Mozambique (Mimosa Tenements). The Option fee has not been paid as yet and negotiations are progressing in regards to amendments to the Option Agreement.
General
In light of the continued severe market downturn ABM has introduced further rigorous cost saving measures, with reduced staff levels and significant pay cuts for senior management. ABM will continue to review its exploration portfolio and the corporate opportunities available in the current market with the objective of developing strategies to ensure further growth of the company.
For the Complete ABM Resources Quarterly Report, please see the link below;
http://www.abnnewswire.net/media/en/docs/60537-ASX-ABU-444567.pdf
About ABM Resources NL
ABM Resources (ASX:ABU) is developing several gold discoveries in the Central Desert region of the Northern Territory of Australia. The Company has a multi-tiered approach to exploration and development with a combination of high-grade production scenarios such as the Old Pirate High-Grade Gold Project, large scale discoveries such as Buccaneer, and regional exploration discoveries such as the Hyperion Gold Project. In addition, ABM is committed to regional exploration programs throughout its extensive holdings including the alliance with Independence Group NL at the regional Lake Mackay Project.
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