Aspermont to increase Excalibur stake

Perth-based resources industry publisher Aspermont Ltd has increased its stake in South Perth-based mineral explorer Excalibur Mining Corporation Ltd, receiving 40 million shares and 20 million options for its stake in a mining subsidiary.

Aspermont sold its 85.7 per cent stake in Clement Resources Ltd to Excalibur for $800,000 - paid through the share issue, which is subject to shareholder approval.

Last year the publisher upped its stake in Excalibur to 18.9 per cent as a part of the settlement of a breach-of-contract dispute.

Excalibur currently has 1.2 billion shares on issue.

Excalibur shares were steady at 1.8 cents, while Aspermont was up 1.4 per cent to 35 cents at close of trade today.

The full text of a company announcement is pasted below

Aspermont Ltd today announced that it had finalised a conditional agreement to sell its shareholding in controlled subsidiary Clement Resources Ltd (ASP 85.7%) to a 100% subsidiary of Excalibur Mining Corporation Ltd. This agreement has been executed following the completion of due diligence on Clement Resources Ltd by Excalibur.

The total consideration for the sale is $800,000 which will be settled by the issue of 40 million fully paid 2 cents ordinary shares and 20 million 3 cent share options in Excalibur Mining Corporation Ltd. The acquisition and share issue will be subject to approval by the shareholders of Excalibur.

Clement Resources Ltd holds three granted exploration licences and two exploration licence applications, covering areas that were extensively mapped for uranium occurences in calcrete by the CSIRO in the late 1970's. The tenements cover parts of major drainage channels in which calcrete has either been mapped or likely to occur at shallow depth.

Aspermont Chief Executive Officer Colm O'Brien said "The sale represents a significant return for Aspermont and we believe Excalibur has the expertise and resources to significantly add value to the project in the near term."