| 13 Feb 2014 JORC Clarification Statement | |
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13 February 2014
CLARIFICATION STATEMENT: PRODUCTION TARGET & FORECAST FINANCIAL INFORMATION
African Energy Resources Ltd (the "Company") refers to the Quarterly Activities & Cashflow Report released to ASX on 31 January 2014 and the Investor Presentation released to ASX on 4 February 2014 (the "ASX Releases").
Contained within the ASX Releases are references to production targets (10Mtpa ROM operation producing
2.4Mtpa of washed export coal) and forecast financial information (cash cost of $9.10 per tonne for a total capital cost of $350M) being the outcomes of a scoping study for the Mmamantswe Coal Project that was prepared prior to the acquisition of the project by the Company in 2013.
Investors are advised that the production targets contained in the ASX Releases do not establish the economic viability or definite value of the Mmamantswe Coal Project. The production targets were based on the Company's existing and previously announced Measured and Indicated Mineral Resource estimates and internal cost estimates for the Mmamantswe Coal Project. These estimates and results are not in themselves sufficient to permit the application of the type of technical and economic analysis required to define the economic viability of the Mmamantswe Coal Project to the standard required by the 2012 JORC Code.
The Company retracts the statements of estimated production and provides no estimate of economic viability either real or implied from the production targets and forecast financial information and cautions investors against using those statements as a basis for investment decisions concerning the Company's securities.
For any further information, please contact the Company directly on +61 8 6465 5500.
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African Energy Resources Limited
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DEVELOPMENT STAGE |
CODE : AFR.AX |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
African Energy is a uranium exploration company based in Australia. African Energy holds various exploration projects in Malawi, in Zambia and in Zimbabwe. Its main asset in development is GWABE (CHIRUNDU) in Zambia and its main exploration properties are NORTHERN LUANGWA VALLEY, LUANO VALLEY, ALDERSHOT, KARIBA VALLEY JV, CHIRUNDU JV, NJAME, LUANO and CENTRAL LUANGWA VALLEY in Zambia, SESE in Botswana and KARIBA in Zimbabwe. African Energy is listed in Australia. Its market capitalisation is AU$ 20.1 millions as of today (US$ 14.5 millions, € 12.7 millions). Its stock quote reached its highest recent level on February 25, 2011 at AU$ 1.00, and its lowest recent point on March 20, 2020 at AU$ 0.01. African Energy has 609 000 000 shares outstanding. |