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Rex Minerals Limited (ASX:RXM) Secures New Drilling Agreement With Titeline Drilling Group
Wednesday June 24, 01:24 PM
Melbourne, Australia, June 24, 2009 - (ABN Newswire) - Rex Minerals Limited (ASX:RXM) has entered into new agreements with the Titeline drilling group, which, combined with the remainder of the existing drilling contract, will provide Rex with two drill rigs over the next 12 months. The drilling services will be paid for through a combination of cash and shares. The agreements continue the positive long term relationship that the two companies have established since 2007.
Rex and Titeline initially established a drilling contract for cash and shares prior to Rex's IPO in 2007. This drilling contract gave Rex the capacity to test a large number of targets leading to the copper discoveries at Hillside (SA) and Mt Carrington (NSW) at a much lower level of shareholder dilution than would otherwise have been possible. In return, Titeline has become a long term and supportive shareholder, receiving the benefits of a growing share price from past discoveries and in the event of further drilling success.
Under the new drilling agreements Rex has agreed to issue 3,008,460 shares at a price of A$0.70. Shareholder approval will be sought for the issue of the shares in the agreements at Rex's AGM which will be held in October/November 2009.
About Rex Minerals Limited:
The strategy at Rex Minerals Limited is to acquire highly prospective projects with the potential to host large resources in commodities that are in high demand. Rex has ownership of projects covering the commodities of Gold, Silver, Copper and Iron. They are located in two states (SA and NSW) and are within geological terrains that are known for their endowment in these commodities. Rex then applies its extensive technical experience and existing drilling capacity to progress these projects. These projects will lay the foundations for long term internal growth of Rex as we forge ahead to become a diversified exploration and mining company.
Contact:
Steven Olsen Managing Director Tel: +61-3-5337-4000 or Janet Mason Company Secretary Tel: +61-3-5337-4000 E-mail: info@rexminerals.com.au
Source:
Rex Minerals Limited
Copyright (C) 2009 ABN Newswire. All rights reserved.
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