Perth, Australia (ABN Newswire) -
Archer Exploration Ltd. (ASX:AXE) (Company) has received a copy of a plaint lodged in the South Australian Warden's Court relating to the Company's Leigh Creek Magnesite Project, located approximately 550km north of Adelaide. The Leigh Creek Magnesite Project is held by Leigh Creek Magnesite Pty Ltd which is a wholly owned subsidiary of the Company.
The plaint has been lodged by Magnesium Developments Pty Limited (MDL) who is seeking orders from the Warden for the grant of a mineral claim and extractive mineral lease over part of the Leigh Creek Magnesite Project. If MDL's action is successful, then MDL will be permitted to mine all magnesite within the area of the extractive mineral lease, subject to the terms of the lease and the South Australian Mining Act.
The plaint relates solely to the Leigh Creek Magnesite Project and does not affect the Company's graphite projects located approximately 450km to the south west of Leigh Creek or any other of the Company's other projects.
The Company intends to vigorously defend its position and has retained senior counsel. The Company will keep the market informed of developments in respect of the above.
About Archer Exploration Limited:
Archer Exploration Ltd. (ASX:AXE) is a graphite, magnesite, copper, gold and manganese explorer focused on the discovery of world-class ore deposits.
The company has carefully acquired a portfolio of projects, covering an area in excess of 5300 km2, in the highly prospective Gawler Craton and Adelaide Fold Belt regions of South Australia. All projects are 100% owned by the Company.
Archer also has earned the right to 100% of minerals other than uranium on EL4693 Wildhorse Plain located near Cleve on Eyre Peninsula.
The Company's flagship Campoona and Sugarloaf graphite deposits occur in the Cleve district where the Company has tenure of 933km2 in the emerging graphite province.
Archer Exploration Ltd. has an experienced board and management team and has the ability to maximise the potential of the company's world-class projects.
Contact:
Archer Exploration Ltd.
Mr Greg English, Chairman
Tel: (08) 82723288
Mr Gerard Anderson, Managing Director
Tel: (08) 82723288
