Corporate | 9 June 2011 09:13

Deutsche Rohstoff AG:

Deutsche Rohstoff AG / Key word(s): Disposal

09.06.2011 / 09:13

Deutsche Rohstoff AG: Option Agreement on Sale of ‘Granulitgebirge’ Licence Signed

Australian Proto Resources paying a purchase price of EUR 200,000

Heidelberg, Germany . Deutsche Rohstoff AG has signed an option agreement on the sale of its ‘Granulitgebirge’ licence in Saxony, Germany. The contracting party Proto Resources ( http://www.protoresources.com.au/ ) based in Sydney, Australia, will take over the licence on the following conditions:

– Upon signing of the agreement a non-refundable option consideration of EUR 40,000 falls payable to Deutsche Rohstoff AG.
– After payment Proto will be granted a period of three months to conduct a due diligence review.
– Should Proto eventually decide to purchase the licence, an additional payment of EUR 160,000 will fall due.
– Deutsche Rohstoff AG undertakes to renew the licence which expires in August 2011 and to initiate transfer of the licence to Proto. Should the mining authorities withhold their approval for transferring the licence for reasons outside Proto’s sphere of influence, the purchase price will be refunded.

Within the ‘Granulitgebirge’ licence area, which also includes the ‘Kiefernberg’ section, nickel, cobalt and chrome were discovered in the 1970s and 1980s. The identified resources were classified as nickel laterite ore. Deutsche Rohstoff AG has conducted extensive research in the Kiefernberg area over the past three years, including core sampling as well as a desktop-study on the potential treatment of the nickel ore deposits. Results showed that on the basis of the processing and leaching methods currently applied and in view of the present nickel prices economic production cannot be expected (cf. press release 3 May 2010). The residual value of the licence has thus been fully depreciated in the 2010 financial year.

Heidelberg, 8 June 2011

Entry Standard-listed Deutsche Rohstoff AG is setting up a new commodity producer. The Group’s priority areas include gold, oil, gas and so-called ‘high-tech metals’ such as tungsten, tin and rare earth elements. All projects are located in politically stable countries, whereby special focus is placed on Germany. The Group’s business model is based upon (re)developing deposits which were already explored in the past. First production activities were taken up in January 2011 in Georgetown, Australia. For further information about Deutsche Rohstoff AG log on to www.rohstoff.de.

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