From: Biniam Haile \(SWE\) (eritrea.lave@comhem.se)
Date: Sun Feb 22 2009 - 16:43:47 EST
http://www.subsahara.com.au/reports/announce/2009/2009.02.17_TZ%20Sale-1
6-2-09-Final.pdf
Sub-Sahara Resources NL
Sale of Tanzanian Assets
ASX Announcement 17th February 2009
Sub-Sahara Resources NL (ASX:SBS) has signed a binding Heads of
Agreement ("HOA") with Western Metals Limited (ASX:WMT) to acquire SBS's
interests in a number of gold exploration projects in Tanzania for the
purchase price of a total of $6.25million.
The key commercial terms include:
WMT has paid a deposit of A$100; 000 to SBS on signing of the HOA and a
further deposit of A$150; 000 is payable on signing of the formal sale
agreement.
WMT will pay SBS A$750; 000 on Completion of the transaction.; .; WMT
will pay SBS a further A$250; 000 on 31 December 2009; subject to
finalisation of certain tax liabilities associated with the assets being
sold.
WMT will pay SBS A$5.0m on the commencement of commercial production
from the Nyanzaga Gold Project in Tanzania; which hosts the Tusker Gold
deposit (4.5million ozs grading 1.15g/t gold).
The funds received from this transaction will be used to further
advance the high grade Koka gold deposit in Eritrea that contains the
previously announced Indicated and Inferred resource of 1.04Mozs grading
6.2g/t gold.
SBS has enjoyed a long association in Tanzania and this sale will allow
the company to focus its attention on developing resources in Eritrea.
For and on behalf of
Sub-Sahara Resources NL
Web site: www.subsahara.com.au
M.R. Griffiths; Managing Director
ASX-TZ Sale
FOR FURTHER INFORMATION
Michael Griffiths; Managing Director
Sub-Sahara Resources NL
enquiries@subsahara.com.au
Ph: +61 8 9227 3260
Competent Person's Statement
The information in this report that relates to Exploration Results
Mineral Resources or Ore Reserves is based on information compiled by Mr
M R Griffiths; who is a Member of The Australasian Institute of Mining
and Metallurgy. Mr Griffiths is a full-time employee of Sub-Sahara
Resources NL. Mr Griffiths has sufficient experience which is relevant
to the style of mineralisation and type of deposit under consideration
and to the activity which he is undertaking to qualify as a Competent
Person as defined in the 2004 Edition of the 'Australasian Code for
Reporting of Exploration Results; Mineral Resources and Ore Reserves'.
Mr Griffiths consents to the inclusion in the report of the matters
based on his information in the form and context in which it appears.
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