| Wed 31 Aug 2011, 9:01 | | RSG - Resource Generation Limited - Sale of Tasmanian Assets |
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RSG
RSG
RSG - Resource Generation Limited - Sale of Tasmanian Assets
Resource Generation Limited
Registration number ACN 059 950 337
(Incorporated and registered in Australia)
Share code on the JSE Limited: RSG
Share code on the Australian Stock Exchange: RES
ISIN Code: AU000000RES1
("the Company")
Sale of Tasmanian Assets
Resource Generation Limited has agreed to divest its Tasmanian coal tenements
through the sale of all its shares in Energy Investments Pty Limited and Tiger
Coal Pty Limited for $1.5 million. In addition, Resource Generation will receive
a royalty of $1.20 per tonne on all coal sold from any mine developed on these
tenements.
Following exploration and analysis the potential for the development of a mine,
whilst present, would require funding and personnel commitments that would
detract management from its main asset, the proposed Boikarabelo coal mine in
South Africa, where there are probable reserves of 745 million tonnes of coal on
35% of the company`s tenements.
Completion of the sale is targeted for 16 September 2011. The purchaser, which
is a private company, has paid a non-refundable deposit of $150,000.
Sydney, Australia
31 August 2011
Contacts
Paul Jury, Managing Director on (02) 9376 9000 or
Steve Matthews, Company Secretary on (02) 9376 9000
Media enquiries
Anthony Tregoning (02) 8264 1000
JSE Sponsor: Deloitte & Touche Sponsor Services (Pty) Limited
Resource Generation has coal interests in South Africa and Tasmania. Its
current priority is to develop its planned Boikarabelo mine in the Waterberg
region of South Africa where there are probable reserves of 744.8 million tonnes
of coal on 35% of the company`s tenements.
Date: 31/08/2011 09:01:16 Produced by the JSE SENS Department.
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