Withdrawal from sale option
25 Febrero 2003 - 1:03AM
UK Regulatory
RNS Number:9081H
Virotec International Ld
24 February 2003
25 February 2003
WITHDRAWAL FROM OPTION TO SELL MINING INTEREST
Kanowna Lights Limited (ASX: KLS) has advised Virotec that it has withdrawn from
the option to acquire Virotec International Ltd's (ASX/AIM: VTI) Mt Carrington
Gold/ Silver project located at Drake in New South Wales, Australia.
The announcement released by KLS follows.
The option granted to KLS was subject to several conditions as detailed in VTI's
announcement in November 2002.
For further information please contact Angus Craig, Company Secretary on
+617 5530 8014.
Angus Craig
Company Secretary
Virotec International Ltd
VIROTEC INTERNATIONAL LTD
ABN 81 004 801 398
PO Box 188 Sanctuary Cove QLD 4212
Australia
www.virotec.com
Kanowna Lights
l i m i t e d
ACN 062 409 303
WITHDRAWAL FROM MT CARRINGTON
24 February 2003
In November 2002 the Company announced that it had entered into an Agreement
with Virotec International Limited whereby it had the option to acquire
Virotec's 100% owned Mt Carrington Gold/Silver Project.
Under Stage One of the Agreement KLS had until 15 March 2003 to undertake
various due diligence procedures and determine the scope of any proposed
pre-feasibility study.
KLS had the right to withdraw from this Agreement at any stage.
In the Company's December 2002 quarterly report, KLS released an amended
inferred minerals resource calculation which superceded the original Virotec
resource. Based on the outcome of this work KLS re-rated Mt Carrington as an
advanced exploration project rather than an advanced project ready for due
diligence and feasibility study.
The Company has now also completed additional due diligence on this project and
has resolved to withdraw from the project.
The Company will proceed with the placements referred to in the Prospectus dated
18 February 2003 and the proceeds will be used to fund ongoing exploration and
evaluation of the Company's Pinnacles Nickel Project and other exploration
activities and opportunities as and when identified, working capital and the
corporate and administrative activities of the Company.
A Supplementary Prospectus will be issued shortly.
The Notice of General Meeting and Explanatory Memorandum to approve the 2005
Option Placement (as defined in the Prospectus) will also be issued shortly.
Yours faithfully
KANOWNA LIGHTS LIMITED
CHRIS BATH
Company Secretary
This information is provided by RNS
The company news service from the London Stock Exchange
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