Triton Minerals Ltd (ASX:TON) Company Update
The pro rata non-renounceable entitlement offer closes today at 5.00pm (WST), 13 January 2016, and the Company will advise the outcome of the offer on or before Friday, 15 January 2016 as per the offer timetable.
The pro rata non-renounceable entitlement offer is one (1) share for every three (3) shares held by eligible shareholders on 30 December 2015 (Shares) at an issue price of $0.09 per share to raise up to $11,296,483 (before costs), with each eligible shareholder offered one (1) free attaching option for every two (2) Shares subscribed for under the offer (Options). The Options are exercisable at $0.15 each and expire on 16 March 2017 and are expected to be listed subject to compliance with ASX Listing Rules.
Balama North (Nicanda Hill and Nicanda West)
The Company continues to progress the expanded definitive feasibility study (DFS) to include the positive drill results associated with the Nicanda West deposit (refer ASX announcement 13 November 2015) as part of a proposed integrated operation designed to produce high-purity flake graphite.
A revised site plan and process flow sheet have been finalised whilst the metallurgical test work and geotechnical assessments are ongoing. The Company anticipates the expanded DFS to be completed in mid-2016.
The land use application known as the Direito do Uso e Aproveitamento da Terra (DUAT) is advancing with ongoing community consultation and land-use mapping program continuing in and around the villages surrounding the proposed operation.
As part of the Environmental and Social Impact Assessment (ESIA), the final Environmental Pre-viability Report and Scope Definition (EPDA) has been formally submitted to Miniserio da Terra, Ambiente e Desenvolvimento Rural (MITADER).
Site visits and a community interview program have been completed as part of the Resettlement Action Plan (RAP) process, with all communities in full support of the project and no material issues identified.
Following the highly encouraging exploration drilling, including significant mineralisation associated with jumbo flake graphite (refer ASX announcement 20 November 2015), the Company intends to release an initial Mineral Resource estimate in Q1, 2016. The Company has also commenced early stage feasibility work.
The draft EPDA to the MITADER and plans for wet season studies, which are a requirement for the ESIA, have been implemented.
In late 2015 the Company, in association with its strategic alliance partner AMG Graphit Kropfmuehl (GK), completed an airborne LIDAR (Light Detection and Ranging) survey over a large area of the Ancuabe project and GK's adjacent property to provide detailed topographic data. The data from the survey will be utilised for ongoing site infrastructure planning and pit design.
Representatives of GK and their technical consultants visited Triton's Ancuabe project to inspect the graphite mineralisation exposed at surface and to review drill samples from the T12 site.
Community Liaison Officer Appointed
Mr Chitti Irache has been appointed as Community Liaison Officer. Mr Irache is a Mozambique national who originates from the Cabo Delgado Province and is fluent in the local dialects. Having previously worked with Impacto (Mozambique) and Anadarko Mozambique, his full-time appointment is assisting to establish a trusted level of community engagement that is expected to provide benefits to both Triton and the local communities.
Australian Research & Development (R&D) Tax Incentive
Triton is pleased to report that the Company has been advised by the Australian Taxation Office (ATO) that it is eligible for the R&D Tax Incentive Scheme and will receive a refund of approximately A$460,000 in respect of the activities undertaken for the year ended 31 December 2014.
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About Triton Minerals Ltd:
Triton Minerals Ltd. (ASX:TON) is an ASX listed, responsible mineral explorer and resource management company headquartered in Perth, Australia.
Led by a highly experienced management team, Triton Minerals' vision is to grow shareholder's value through discovery or development of base metal, gold and other precious metal deposits.
Triton has made excellent progress with its three Graphite projects located in the Cabo Delgado Province in Mozambique, with the program successfully identifying a number of graphitic exposures.
It is the Company's belief that the Mozambique, Balama North Project could host multiple and very substantial world class graphite deposits.
Triton Minerals Ltd.
Garth Higgo Chief Executive Officer Tel: + 61 8 6489 2555 Email: email@example.com Paige Exley Company Secretary Tel: + 61 8 6489 2555 Email: firstname.lastname@example.org