Ram Resources updates exploration, acquisition of remaining 49% stake in Motzfeldt

Ram Resources (ASX: RMR) has begun to receive assay results from the extensive surface sampling undertaken this field season on its two exploration licences in Southern Greenland, known as the Motzfeldt multi-element project.

Due to a processing backlog with the laboratory, complete data sets have not been received at Motzfeldt. However, the laboratory has advised that Ram can expect the remaining results including the drill hole data, to be released in the coming weeks.

The company has also provided an update on its option to acquire the balance of Greenland Resources Limited that currently holds the 49% that Ram doesn't already own.

On July 20 2011 Ram Resources executed an option deed with the minority shareholders of the UK company Greenland Resources for the Motzfeldt project - providing Ram with greater flexibility.

One of the conditions precedent to the option deed being binding on the parties was Ram obtaining shareholder approval for the issue of 200 million Ram shares on the exercise of the new option, within three months of the date of execution of the option deed, namely by 18 October 2011.

The shareholders meeting was to be held on 31 November 2011. However, due the delay in convening the meeting the companies have agreed to extend the date for obtaining shareholder approval to 2 December 2011.

As a result the companies have entered a second option deed and second deed of termination and variation to replace the original agreements.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/22699/ram-resources-updates-exploration-acquisition-of-remaining-49-stake-in-motzfeldt-22699.html