Website: www.nru.com.au
Email: info@nru.com.au
Newera Resources Limited (ASX: NRU) advises that following a review of recent exploration within the Ulaan Tolgoi project and armed with the knowledge that despite the identification of interpreted potentially coal bearing sub-basins and the more recent interpretation that potential mineral bearing intrusions may exist below significant cover in the northern sector of the licence, Newera has acknowledged that any future exploration within the Ulaan Tolgoi licence at this point, will remain high risk green fields exploration.
In addition, in order to maintain the Ulaan Tolgoi Joint Venture, Newera was facing a significant annual Statutory Licence fee immediately payable to the Mongolian Department and a long period of inactivity over the harsh Mongolian winter.
Hence, Newera has determined that in this era of capital scarcity, Newera's interests would be better served by preserving critical capital for new project acquisitions or new joint ventures.
To that end, Newera now advises that it has issued a formal letter of notice to its Ulaan Tolgoi Joint Venture partner, advising that Newera has withdrawn from the Ulaan Tolgoi Joint Venture, effective immediately.
Newera is actively researching new projects which should have the potential to add value to the Company through progression to production.
For further information; Chris Watts
Director and Company Secretary
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