Regional Business Information for the North West
North River acquires 50% interest in Brandenburg Energy
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8th February 2012
North River Resources confirms that both the payment of the subscription monies to Brandberg Energy (Namibia) and receipt of the shares in Brandberg Energy by North River, have been completed.
Brandberg Energy was established by Extract Resources Limited for the purpose of holding Exclusive Prospecting Licences ('EPLs') 3327 and 3328.
In accordance with the terms of the joint venture agreement, NRR Energy Minerals Limited, a wholly owned subsidiary of North River, has now acquired a 50% interest in the issued shares of Brandberg Energy following the payment of $800,000 by North River to Brandberg Energy.
Brandberg Energy intends to complete a 1,100 metre drill programme planned by Extract. This programme will be reviewed by Brandberg Energy now additional funds are available and may be increased to a total of 1,500-2,000 metres.
Drilling will commence once the Radiation Management Plan (RMP) is approved by the National Radiation Protection Authority in Namibia. The RMP was submitted by Extract in mid-November 2011.
At 9:23am: (LON:NRRP) share price was +0.08p at 1.7p
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