EL 4416 Acquisition Finalised
EL 4416 Acquisition Finalised
Date: 22 January 2010
Ignite Energy Resources Limited ('IER') is pleased to announce that it has finalised the acquisition of Exploration Licence 4416 ('EL 4416') and the equitable rights to Exploration Licence Application 4968 ('ELA 4968').
IER and CBM Resources Pty Ltd have signed the CBMR Agreement in order to complete IER’s acquisition of EL 4416 and the equitable rights to ELA 4968. IER is now the sole owner of EL 4416 and the equitable rights to ELA 4968.
Background
EL 4416 is an extensive exploration licence that covers an area of over 3,800km2 in the Gippsland Basin of southeast Victoria. ELA 4968, located immediately north and northeast of EL 4416, covers an area of approximately 2,000km2.
EL 4416 contains a huge prospective biogenic natural gas resource and a 16.4 billion tonne lignite (brown coal) resource. While both EL 4416 and ELA 4968 are prospective for world-class heavy mineral sands deposits.
Gippsland Basin - Lignite Deposits
