RRS 0.00% 0.1¢ range resources limited

DONNYBROOK GOLD BACK ON

  1. 236 Posts.
    RANGE RESOURCES LIMITED 2002-05-29 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    In an announcement to the ASX Ltd on April 29, 2002 Range Resources
    Ltd ("the Company") advised that the resolution passed by the General
    Meeting of January 21, 2002 approving the acquisition of Donnybrook
    Gold Pty Ltd ("Donnybrook") by the issue of securities in the Company
    to the shareholders of Donnybrook had lapsed. Donnybrook has made
    application for an exploration licence (70/2481) over an area in the
    south west of Western Australia which has historically produced gold.

    The Company further advised that the parties had agreed to negotiate
    an amendment of the option and that a General Meeting would be called
    to present the proposal to the shareholders again.

    The parties have subsequently agreed to amend the option to the
    Company to acquire Donnybrook on the basis of the issue of an option
    fee of 11,250,000 options each to acquire one ordinary share in the
    Company at 10 cents on or before June 30, 2004. These options are to
    be issued to the individual shareholders of Donnybrook in proportion
    to their relevant interest in Donnybrook.

    The consideration payable by the Company to acquire all the shares in
    Donnybrook is 22,500,000 shares in the Company. The option period to
    acquire Donnybrook commences on the grant of the exploration licence
    and expires on September 30, 2002.

    The acquisition is conditional on:

    1. shareholder approval; and

    2. the grant of exploration licence 70/2481.

    It is anticipated that the Notice of Meeting will be dispatched to
    members next week and that the General Meeting will be held early in
    July.

    In respect of the application for the exploration licence the Company
    advises that the notice period for registration of objections under
    the Native Title Act expires on July 6, 2002 and that no objections
    have been lodged to date.

    In the period since the Company acquired the option to acquire
    Donnybrook it has commissioned extensive enhanced imagery
    interpretation studies of the Donnybrook goldfield for exploration
    target delineation. These studies have identified a number of
    promising structures in and around known gold anomalies for further
    exploration.

    J Toby
    COMPANY SECRETARY
 
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