Crusader Resources Update on Posse (6766I)
November 28 2018 - 2:00AM
UK Regulatory
TIDMCAS
RNS Number : 6766I
Crusader Resources
28 November 2018
28 November 2018
Crusader Resources Limited
("Company" or "Crusader")
Update on Posse
Crusader Resources Limited (ASX:CAS, AIM:CAS) is pleased to
provide a final update to the Posse legal case, as well as noting
the payment of the second monthly instalment from Inter Invest B.P.
S/A via SPV CNS Empreendimentos Em Transportes E Minerios Eireli
("the Buying Company").
Following the successful judgement passed down by the Brazilian
courts on 26 October 2018, and subsequently announced on 29 October
2018, the Company received its second instalment payment of R$0.2m
(approx. US$0.05m) on 19 November 2018.
This is the second payment of the agreement, in which the Buying
Company is required to make monthly payments of between R$0.2m
(approx. US$0.05m) and R$0.25m (approx. US$0.06m) between November
2018 and March 2019. This will then be followed by 8 monthly
payments of approximately R$1m (approx. US$0.27) between April 2019
and November 2019.
Successful conclusion to Posse mine action
In relation to the previously owned Posse mine and an
environmental claim by the Public Ministry, the Company has now
concluded an agreement to resolve the matter. The Company has
agreed to pay R$0.04m in 3 instalments and undertake some
environmental work estimated to cost R$0.02m. This now concludes
the matter.
Marcus Engelbrecht, Managing Director of Crusader said:
"We are pleased to have successfully completed all the
outstanding matters relating to Posse and we look forward to
receiving the remaining twelve instalments totalling R$9.1m
(approx. US$2.5m) by November 2019."
For further information, please contact:
Marcus Engelbrecht Investor Relations
Managing Director Office (Aus): +61 8 9320 7500
Office (Aus) +61 8 9320 7500 Email: admin@crusaderresources.com
Email: marcus.englebrecht@crusaderresources.com
Andrew Beigel Camarco
CFO/Company Secretary Financial PR
Office (Aus): +61 8 9320 7500 Gordon Poole / Nick Hennis
+44(0)20 3757 4997 / +44(0)20 3781
Email: andrew.beigel@crusaderresources.com 8330
Hannam & Partners Pinnacle Corporate Finance
Joint Broker Office: +61 8 61416306
Neil Passmore / Andrew Chubb/Ernie Bell Email: ejonsson@pinnaclecf.com.au
+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.
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END
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