Corporate | 14 August 2012 15:00
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Deutsche Rohstoff AG / Key word(s): Miscellaneous
Deutsche Rohstoff AG announces current project progress Heidelberg. The following report will provide an update of the latest developments within the subsidiaries of Deutsche Rohstoff AG:
Gold
A private company seeking to acquire the Georgetown Gold Project has been undertaking a due diligence since mid-June. The potential buyer paid a non-refundable deposit of AUD 250,000 (EUR 200,000), to conduct its project review until mid-August. The company has now requested an extension of the review period by four weeks to mid-September, since it is still awaiting a final report by one of it's consultants. Deutsche Rohstoff AG has agreed to this request and expects the due diligence and subsequent sale agreement to be completed by mid-September. An additional non-refundable deposit of AUD 250,000 has been paid for the granted extension.
Oil and Gas
Tekton Energy has drilled nine wells to date in the Wattenberg project area in Colorado, USA. All wells were successful. The first three wells drilled (Rancho) have been in production since April, the second group of wells (Pavistma) since late May. The start of production of the final group of wells (Frye Farms) was scheduled in early July, but has been slightly delayed. Due to technical problems the production of Pavistma wells dropped by some extent. These problems were solved during the course of July. After this revision the production rates of the holes were at about 50 barrels of oil equivalent per well per day, which is above expectations. In June/July, the Rancho holes produced up to 54 barrels of oil equivalent per well per day, which is well above expectations in the fourth month of production. The connection of the Frye Farm wells will follow this week. Furthermore Tekton performed a 3-D seismic survey in July to prepare for horizontal drilling. The seismic investigations have been completed successfully in late July. The data is currently being processed.
Tungsten, Molybdenum
Wolfram Camp delivered its first container of WO3 concentrate to the off-taker, Global Tungsten, in February. By mid-May WCM commenced shipments of concentrates on a 14-day cycle. Daily production has been increased steadily since mid-may. Until end of June daily production was at approximately 1.5 tons, which corresponds to a monthly revenue of approximately AUD 1.0 million (EUR 800,000). As a result of continuous process optimisation, further potential for improvement has been identified and should be finalised by October. The throughput capacity of the processing plant will then result in achieving targeted production. On 10 July 2012 the official mine opening ceremony was held at Wolfram Camp. The company has also reviewed the onsite results of the ore sorter trials and is extremely pleased that a significant increase in grade is achieved resulting in a higher feed grade to the process plant. Wolfram Camp Mining has therefore ordered a unit from the Germany based manufacturer Steinert. Until delivery, which is expected in January/ February 2013, hired equipment from Steinert is available and will remain on site.
Tin
Tin International's operating subsidiary Sachsenzinn GmbH has successfully completed a drilling program in the two license areas of Geyer and Gottesberg in April. The publication of the resource estimates according to the Australian JORC standard is planned for the next few weeks. The preparations for the planned initial public offering (IPO) of Tin International at the Australian ASX in fall have also been started and are currently on schedule. At present Tin International will be going public in late October.
Rare Earth Elements
The confirmatory drilling reached the planned total depth in mid-July, at almost 700 meters. It was used to convert the historic resource estimate in the modern, internationally accepted JORC standard. All core samples were sent off to the contracted laboratory. The results will probably be available by late September. Heidelberg, 14 August 2012 Deutsche Rohstoff AG (Heidelberg, Germany), listed in the Entry Standard segment of Frankfurt Stock Exchange, is establishing a new primary producer. The company's focus is placed on gold, oil & gas and so called high tech metals such as tin, tungsten, and rare earth metals. All projects are located in countries marked by political stability, the core area being Germany. The business concept is based on redeveloping deposits, which have been well explored in the past. For more information please visit www.rohstoff.de. Contact: Thomas Gutschlag +49 6221 871 000 gutschlag@rohstoff.de End of Corporate News 14.08.2012 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
| Language: | English | |
| Company: | Deutsche Rohstoff AG | |
| Friedrich-Ebert-Anlage 24 | ||
| 69117 Heidelberg | ||
| Germany | ||
| Phone: | 06221-87100-11 | |
| Fax: | 06221-87100-22 | |
| E-mail: | gutschlag@rohstoff.de | |
| Internet: | www.rohstoff.de | |
| ISIN: | DE000A0XYG76 | |
| WKN: | A0XYG7 | |
| Indices: | Entry Standard (Performance TOP 30) | |
| Listed: | Freiverkehr in Berlin, Düsseldorf, Stuttgart; Open Market (Entry Standard) in Frankfurt | |
| End of News | DGAP News-Service |
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| 181628 14.08.2012 |