DGAP-News: West Africa Mining Holding AG participates in a lithium exploration project in Senegal
(firmenpresse) - West Africa Mining Holding AG / Agreement
31.03.2010 08:31
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
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West Africa Mining Holding AG has acquired an interest of 24.9 percent in
the share capital of SN Commodities Ltd. The share capital of SN
Commodities Ltd., which is based in Birmingham, UK, currently amounts to
800,000 pounds sterling (which corresponds to some 900,000 euros).
SN Commodities Ltd. currently carries out an exploration project in the
east of Senegal under the direction of the renowned geologist Dr. Madani
Diallo. The aim of the exploration project is the discovery of lithium.
Lithium belongs to the so-called 'rare earth' and forms the base material
for the lithium-ion batteries, which are the core of the innovative
technology of electric cars. SN Commodities Ltd. owns the rights for
discovering, exploring and extracting lithium and other rare soils. Such
exploration rights refer to the 'Baraberie' licence area with a size of
1,320 square kilometres and were granted by the responsible Ministry of
Mining and Resources. The discovery phase I for this exploration project
has already started and comprises the collection of the geophysical and
elementary basic data. These works are supposed to be completed in the
current financial year.
The responsible ministry already carried out field investigations in this
licence area in the past. Thus, the geologists team of SN Commodities Ltd.
was able make a first assessment with respect to the potential for
discovering lithium and other rare earths in this area before acquiring the
licence.
Further information on the licence and the licence area can be downloaded
from the website of SN Commodities Ltd.
http://www.sn-commodities.com
West Africa Mining Holding AG pursues and international diversification of
its resources and investment portfolio. By acquiring an interest in SN
Commodities Ltd., the company expands into a field that both consumers of
lithium and rare soils and various national governments consider to have
special strategic importance.
As at today, the portfolio of West Africa Mining Holding AG consists of the
following investments:
100% interest in the share capital of Westafrica Mineral Mining Ltd.
- Ongoing gold exploration in the north-east of Guinea-Bissau,
exploration phase I completed (more information under
http://www.mining.je)
- Discovery and exploration of platinum in the north-east of
Guinea-Bissau has started
- Further potential for discovering any kind of minerals, in particular
diamonds and bauxite
- Spatially unlimited prospection licence for the entire territory of
Guinea-Bissau
24.9% interest in the share capital of SN Mineral Mining Ltd.
- Ongoing gold exploration in the south-east of Senegal, exploration
phase I completed (more information under http://www.sn-mining.com)
- The 'Velingara' licence area comprises a total territory of 602 square
kilometres in direct proximity to the gold spots in the south-east of
Senegal that have already been explored
- Exploration phase II for taking over 5,000 surface and soil samples
from the licence area has already started
- High degree of legal certainty due to the conclusion of a miningconvention with the government of Senegal, according to which all
rights from the exploration to sample-taking and export have already
been agreed upon its execution
24.9% interest in the share capital of SN Commodities Ltd.
- Ongoing exploration for lithium in the east of Senegal (more
information on the licence under http://www.sn-commodities.com )
- The 'Baraberie' licence area comprises a total territory of 1,320
square kilometres
- Historical data on an investigation carried out on behalf of the
Ministry of Mining and Resources
- High degree of legal certainty due to the conclusion of a mining
convention with the government of Senegal, according to which all
rights from the exploration to sample-taking and export have already
been agreed upon its execution
The company is already conducting preliminary talks with potential
purchasers of lithium. Currently a trend to secure new deposits early due
to their strategic importance and the anticipated bottlenecks can often be
observed among the users of lithium. The lithium deposits of the world that
are currently known are largely controlled by Chinese and Australian
consortiums.
The external specialist consultants and geologists of SN Commodities Ltd.
have estimated the exploration costs for the 'Baraberie' licence area to
amount to some 7.5 million euros. The exploration is intended to be carried
out over a period of three years. New shareholders are planned to be
admitted to SN Commodities Ltd. in order to finance the exploration
project. In the meantime, West Africa Mining Holding AG prefinanced the
licence application phase of SN Commodities Ltd. by means of a loan in the
medium six-digit range.
West Africa Mining Holding AG is planning to strategically continue the
diversification of its resources and investment portfolio and is currently
negotiating an investment in another exploration project in West Africa.
More information under:
West Africa Mining Holding AG
Untermüli 6
CH-6300 Zug, Switzerland
WKN: A0Q9UR ISIN: CH0045659973
Email info(at)westafrica-mining.com
Internet http://www.westafrica-mining.com
Phone +41 (44) 586 0 111
About West Africa Mining Holding AG
West Africa Mining Holding AG operates as an investment company exclusively
focusing on promising exploration, mining, petroleum and gas producers.
West Africa Mining Holding AG's business model is based on the financing
and development of young exploration companies with an above-average
potential in discovering and extracting any kind of mineral resources. The
investment horizon extends to a period of two to five years.
About SN Commodities Ltd.
SN Commodities Ltd., UK, which has a branch office in Dakar, Senegal,
currently carries out an exploration for the discovery of lithium and rare
soils in the east of Senegal. Senegal is one of the economically and
politically most stable countries in West Africa. Leading resource
exploration companies have been active in Senegal for many years. SN
Commodities Ltd. will be present at West Africa's largest mining fair,
which takes place from 12 to 15. April 2010 in Dakar, Senegal, together
with SN Mineral Mining Ltd. as a co-exhibitor.
More information under:
SN Commodities Ltd.
69 Great Hampton Street
B18 6Ew Birmingham, UK
Branch office in Senegal
SN Commodities Ltd.
8 Rte Meridian President - R/C Esq.
Almadies - Dakar
Email mail(at)sn-commodities.com
Internet http://www.sn-commodities.com
31.03.2010 08:31 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
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