Establishes MOU with Mining Development Oman
Perth, Mar 28, 2017 AEST (ABN Newswire) - Alara Resources Limited (
ASX:AUQ) (ALULF:OTCMKTS) (Alara or Company) provides this update on activities in Oman.
Previous Company announcements and other public reports[1] have referred to the establishment of Mining Development Oman ('MDO') and its objectives, including the development of copper (and other minerals) mining in Oman. Alara and MDO have now signed a Memorandum of Understanding and Confidentiality Agreement in connection with these objectives (the 'MOU").
Alara's discussions with other interested parties (including potential project equity partners for Oman) are continuing, subject to the terms of the MOU.
While Alara remains open to receiving equity investment at the project level, this is not a requirement for the Al Hadeetha Copper Gold Project to proceed. Further updates on project financing will be released as they are finalised.
Further to the Activity Update released on 27 February 2017, the Company also confirms it has submitted a park enhancement plan to the Ministry of Tourism as agreed.
Notes:
[1] For example: Times of Oman, 20 September 2016 "Mining Development Oman...", Reuters, 5 January 2016 "Oman sovereign fund, others plan $260m mining venture" and http://www.abnnewswire.net/lnk/03V4GM9I
About Alara Resources Limited
Alara Resources Limited (ASX:AUQ) (OTCMKTS:ALULF) is an Australian minerals exploration company with a portfolio of projects in Saudi Arabia and Oman. Alara has completed a Definitive Feasibility Study on the Khnaiguiyah Zinc-Copper Project in Saudi Arabia, an Advanced Scoping Study on the Daris and Washihi, Mullaq and Al Ajal exploration licences in Oman and a Feasibility Study for the Al Hadeetha Copper Gold Project, Washihi ore reserve. The Company is transitioning to establish itself as a base and precious metals mine development and production company. For more information, please visit: www.alararesources.com
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