Tranche 1 of Pacific Road Investment Complete
Perth, Mar 28, 2014 AEST (ABN Newswire) - ABM Resources NL (
ASX:ABU) is pleased to announce that Pacific Road Resources Fund II ("Pacific Road Capital") and ABM Resources ("ABM" or "the Company") have finalised the Tranche 1 investment as per press-release dated 13/03/2014. Tranche 2 is subject to shareholder approval and a notice of meeting is being compiled to be distributed to shareholders in due course.
Darren Holden, Managing Director of ABM, said, "With a strengthened balance sheet, a quality new long-term investor on the register, a high-grade gold development project and our exciting extensional targets we have a solid platform for growth. Our focus remains to not only define the extents of this high-grade gold system but to execute our plans for mining in 2014."
With respect to the Mineral Lease Application, the Company has today received a notice of intent to grant the mineral lease from the Department of Mines and Energy (NT) and this is anticipated to progress to granted status shortly.
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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