Crusader Resources Posse Update (0594U)
July 09 2018 - 10:20AM
UK Regulatory
TIDMCAS
RNS Number : 0594U
Crusader Resources
09 July 2018
9 July 2018
Crusader Resources Limited
("Company" or "Crusader")
Posse Update
As previously disclosed, Crusader entered into a sale agreement
to divest its 100% interest in the Posse Iron Ore Mine ("Posse") to
Inter Invest B.P. S/A on 28 July 2017 via an SPV CNS
Empreendimentos Em Transportes E Minerios Eireli (together, the
"'Buying Company").
Under the agreement, a consideration of R$8m was to be paid by
an initial payment of R$1m with the balance payable in 15 equal
monthly instalments until November 2018. The Company has received
approximately R$1m to date.
As previously announced, and notwithstanding positive
negotiations with the Buying Company to bring forward the payment
of the total consideration, these discussions have not resulted in
agreement.
Accordingly, Crusader commenced legal proceedings on 19 June
2018 through the courts regarding the payment of the amounts owed
and the obligations of the Buying Company. These requests include
an injunction for the suspension of activities at Posse until
payment is made in full of the amount agreed upon, as well as the
payment of a daily fine if there is no suspension of activities.
Under Brazilian law, and before restitution occurs, both parties
will initially be attempting to achieve a satisfactory outcome
through a conciliation hearing.
The total debt outstanding is R$7m (US$1.8m) and the Company is
pursuing a claim of R$14.5m (US$3.7m), which includes fines,
interest and penalties.
The Company will release further announcements in accordance
with its disclosure obligations as the claim progresses.
Mr. Paul Stephen Investor Relations
Executive Director Office (Aus): +61 8 9320
7500
Office (Aus): +61 8 9320 7500 Email: admin@crusaderresources.com
Email: paul@crusaderresources.com
Smith & Williamson Corporate Camarco
Finance Limited
Nominated Adviser Financial PR
Azhic Basirov/Katy Birkin/Ben Gordon Poole / Nick Hennis
Jeynes
+44(0)20 3757 4997 / +44(0)20
+44(0)207 131 4000 3781 8330
Hannam & Partners
Joint Broker
Neil Passmore / Andrew Chubb/Ernie
Bell
+44 (0)20 7907 8500
About Crusader
Crusader Resources Limited (ASX:CAS, AIM:CAS) is a minerals
exploration and development company listed on the Australian
Securities Exchange and the AIM Market of the London Stock
Exchange. Its major focus is Brazil; a country Crusader believes is
vastly underexplored and which offers high potential for the
discovery of world class mineral deposits.
Crusader has two key gold assets;
Borborema Gold Project
The Borborema Gold Project is in the Serido area of the
Borborema province in north-eastern Brazil. It is 100% owned by
Crusader and consists of three mining leases covering a total area
of 29 km2 including freehold title over the main prospect area.
The Borborema Gold Project benefits from a favourable taxation
regime, existing on-site facilities and excellent infrastructure
such as buildings, grid power, water, sealed roads and is close to
major cities and regional centres. The project's Ore Reserve
includes Proven and Probable Ore Reserves of 1.61Moz of mineable
gold from 42.4Mt @ 1.18g/t (0.4 & 0.5g/t cut-offs for oxide
& fresh). The measured, indicated and inferred Mineral Resource
Estimate of 2.43Moz @ 1.10g/t gold, remains open in all
directions.
Juruena Gold Project
The Juruena Gold Project is located in the highly prospective
Juruena-Alta Floresta Gold Belt, which stretches east-west for
>400km and has historically produced more than 7Moz of gold from
40 known gold deposits. Historically there is a database of more
than 30,000 meters of drilling and extensive geological data.
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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