Perth, Australia (ABN Newswire) -
Rum Jungle Resources Limited's (ASX:RUM) strategic intent is to find, develop and operate fertiliser mineral projects located in close proximity to existing Central Australian transport infrastructure. Rum Jungle Resources Ltd. has significant resources of both phosphate and sulphate of potash.
HIGHLIGHTS
CORPORATE
- The company's current primary focus is the general preservation of cash, sustaining its tenement position and undertaking the formal processes to secure cornerstone investment in one or both flagship projects to take them forward to bankable feasibility study and development, as announced to the ASX on 26 November 2014
- This cornerstone investor process is now well underway, with investor roadshows having been recently conducted in India, China, the Middle East and North America. A virtual data room has been made available to a number of selected parties that have indicated an interest in reviewing more detailed information on the projects
- The interest to date has been from both fertiliser industry players and strategic investors. Interest has ranged across various transaction structures, with the ultimate objective for Rum Jungle Resources to maximise value for its shareholders through securing the funding necessary to provide a clear path to development of either the Ammaroo phosphate project or a sulphate of potash project
- The next phase of the process, which is expected to occur over the next few months, will consist of site visits and receipt of formal proposals from interested parties
- The Company has sufficient cash reserves on deposit to undertake its current near term strategic objectives
- Research & Development Incentive receipt $922k.
Cash Balance $5.27 million (including secured Term Deposits of $823k)
HEALTH, SAFETY, ENVIRONMENT AND COMMUNITY
- 20 incident-free hours were worked at Ammaroo and 10 hours at Karinga Lakes
PHOSPHATE
- Rehabilitation monitoring on the Ammaroo Project area was conducted during the Quarter
- The Tennant East Project (NT) was dropped and relinquishments were made from Brunchilly (NT)
POTASH
- Titles were granted at Lake MacDonald, Lake Hopkins (WA), Karinga Lakes (NT) and Lake Frome and Lake Torrens (SA)
- Reconnaissance exploration programs have been planned for Lake Frome and Lake Torrens
- Reductions and relinquishments were made at Karinga Lakes
OTHER COMMODITIES
- The last remaining title in the Ross River Project was surrendered
To view the quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-RUM-422509.pdf
About Rum Jungle Resources Limited:
Rum Jungle Resources Ltd. (ASX:RUM) is an Australian Securities Exchange listed, diversified junior explorer focused on highly prospective land located in Australia's Northern Territory and Queensland.
A Northern Territory and Queensland focussed mineral explorer with a portfolio including: Uranium, Potash, Phosphate and Base Metals.
Rum Jungle Resources has strategic alliances with other major Northern Territory explorers increases exposure to additional exploration areas.
Rum Jungle Resources has experienced geological management backed up by a solid financial base to fund exploration budgets.
Contact:
Rum Jungle Resources Ltd.
T: +61-8-8942-0385
F: +61-8-8942-0318
www.rumjungleresources.com.au
