|Thu Mar 13, 2008|
Helio Options Eight Namibian Licences to TransAfrican Minerals
Helio Resource Corp. (the "Company" or "Helio") (TSX-V: HRC) is pleased to announce that it has signed a binding Letter of Intent with TransAfrican Minerals Limited ("TransAfrican") in connection with eight licences in Namibia, whereby TransAfrican has the option of earning up to a 70% interest in the licences by solely funding a bankable feasibility study. The three stage deal is summarised below:
Stage 1 - to earn a 51% interest
TransAfrican may earn an additional 9% interest in the licences by spending an additional C$5,000,000 on exploration within 24 months of successful completion of Stage 1.
Stage 3 - to earn an additional 10% Interest (for a total of 70%)
TransAfrican may earn an additional 10% interest by solely funding a Bankable Feasibility Study within 48 months of successful completion of Stage 2.
The licences that fall under this agreement are Tevrede North, Tevrede West, Tevrede South, Honib, Oasis, Huab, Borwa, and Fransfontein. All of these licences are located within the lower Proterozoic-aged Kamanjab Inlier. Work completed by Helio to date has identified compelling drill targets on the following licences:
ABOUT TRANSAFRICAN MINERALS LIMITED
TransAfrican Minerals Limited is an emerging, privately-funded global mining company, led by a strong management team made up of former senior investment bankers and mining executives with more than 200 years of combined experience funding, developing and managing global mining projects.
The company is led by Mr. Mohamed Matongo as its Deputy Chairman and President. The Chief Executive Officer is Mr Robert S. Stewart.
Mr. Matongo was formerly a senior banker (Sr. Vice President) with Citibank in London, Kuala Lumpur, Abhu Dhabi and Johannesburg. He founded Bayete Resources Pty Ltd. four years ago and was the CEO and deputy Chairman until 2006, when Bayete Resources Pty Ltd sold its interests to Troy International UK Limited. Mr. Matongo also formed Tegeta Exploration and Mining Pty Ltd, a successful coal producer. During the last 5 years he has facilitated the creation of many emerging (BEE) companies in South Africa, and he specialises in deal origination, conceptualisation, mergers and acquisitions.
Mr Stewart is a mining and financial executive with 30 years of senior experience in Africa and around the world. As former Chief Representative of Bechtel, Chairman of Ocelot International, TANGAS, CAMGAS, America Mineral Fields, Congo Chamber of Mines and International Cobalt, he initiated, financed and developed several major mining, natural gas and power projects in East, Central and Southern Africa.
TransAfrican is building a global presence in precious, base and strategic metals with future acquisitions targeted in Africa, Canada, Australia and Asia. Through acquisitions and joint ventures, TransAfrican has built up a portfolio of mining and exploration projects (copper, uranium, cobalt, gold and coal) in Zambia, DRC, Mozambique, Madagascar, Mali, Indonesia, Australia, Mongolia and Argentina.
Management of Helio is very pleased with this transaction. It addresses one of the major business objectives of the Company, which is to find well funded joint venture partners for all of the Companies projects outside of Tanzania. This approach allows for the advancement of Helio's high quality exploration targets in Namibia, and enables the Company to focus its treasury on the development of the SMP Gold Project in Tanzania
Helio now has 17 Namibian licences under option to well-funded partners.
Helio Resource Corp. is a dynamic, technically-driven mineral exploration company, focused on high-quality project generation in southern Africa. Helio is actively exploring 27 prospective gold, base-metal and diamond properties in Namibia, Botswana, Mozambique and Tanzania. The main focus for the Company is the development of the SMP Gold Project in Tanzania.
For additional information, please contact Richard Williams or Irene Dorsman at +1 604 638 8007 or by e-mail to firstname.lastname@example.org or email@example.com and Robert S. Stewart at TransAfrican Minerals Limited at 1 480 361 5283 or by email at firstname.lastname@example.org.
HELIO RESOURCE CORP
TRANSAFRICAN MINERALS LIMITED
You can return to the Top of this page