LONGFORD RESOURCES LTD 
By Ram Resources Limited ("Ram" or "the Company") is pleased to provide the following update to shareholders:
Exploration Results from 2011 Field Season
Ram has started to receive some assay results from the
extensive surface sampling undertaken this field season on
its two exploration licences in Greenland, 2010/46 and
2011/24 ("Motzfeldt Project"). However at this stage, as a
result of processing backlog with the laboratory, complete
data sets have not been received. The laboratory has advised
that Ram can expect the remaining results (including the
drill hole data) to be released progressively over the next
2-3 weeks.
Samples are being assayed using a combination of Protrace XRF
(Ta,Nb, Zr) and lithium borate fusion followed by ICP-MS for
the other elements. Results will be announced progressively
when complete data sets are received and reviewed for each
area of interest.
On 20 July 2011, the Company announced that it had entered
into an Option Deed and Deed of Termination and Variation
with the minority shareholders ("Vendors") of Greenland
Resources Limited ("GRL"), the UK Company which holds the
Motzfeldt Project and of which Ram already holds 51%, to vary
the terms on which Ram may acquire the remaining 49% interest
in GRL ("Remaining Interest").
One of the conditions precedent to the Option Deed being
binding on the parties was Ram obtaining shareholder approval
pursuant to ASX Listing Rule 10.1 and section 611 item 7 of
the Corporations Act 2001 for the issue of
200,000,000 Ram shares on the exercise of the new option, as
contemplated in the Option Deed, within 3 months
of the date of execution of the Option Deed, namely by 18
October 2011.
On 27 October 2011, the Company issued the required notice,
for a shareholders meeting to be held on 31
November 2011.
Due the delay in convening the meeting to obtain the required
shareholder approvals, the Vendors and the Company agreed to
extend the date for obtaining shareholder approval to 2
December 2011. In order to formalise this understanding, the
Company and the Vendors have today entered into a second
Option Deed ("Second Option Deed") that provides a revised
condition precedent that the Company obtain required
shareholder approval on or before 2 December 2011.
Contemporaneously with the Second Option Deed, the Company
and the Vendors have also entered into a second
Deed of Termination and Variation ("Second Deed of
Termination and Variation").
The Second Option Deed and the Second Deed of Termination and
Variation replace the Option Deed and Deed of Termination and
Variation entered into on 19 July 2011 (and as announced of
20 July 2011) and, with the exception of the revised
condition precedent noted above, they contain the same terms
and conditions as the original agreements.
Full details of the revised option to acquire the remaining
shares in Greenland Resources Limited is set out in the
Company's Notice of Annual General Meeting dated 10 October
2011, and despatched to shareholders on 27
October 2011.
david.tasker@ppr.com.au james.harris@ppr.com.au
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| Documents associés | |
| Company Update 28 November 2011 |
