London based global metal exploration company acquires new Australian project

London headquartered global metal exploration company Power Metal Resources PLC announced it has signed an agreement for the acquisition of the Australian Selta Project.

The Acquisition will be undertaken by Power Metal subsidiary, First Development Resources Limited (FDR), in an all FDR share transaction to acquire a 100 per cent interest in URE Metals Pty Limited, a private Australian company which wholly-owns the Selta Project.

FDR is a special purpose company set up by Power Metal to act as a vehicle for a planned listing on the London capital markets. It recently acquired First Development Resources Australia Pty Limited and its interests in the Paterson Province of Western Australia.

Paul Johnson, chief executive officer of Power Metal Resources PLC commented: “This latest acquisition further builds the First Development Resources portfolio which now includes four distinct project interests.

“This dynamic portfolio includes the Wallal Project located in the prolific Paterson Province of Western Australia, with exciting magnetic bullseye gold-copper drill targets - and now the Selta Project, located in the Northern Territory, within a region highly prospective for U and REE mineralisation, evidenced by the nearby Nolans Bore deposit held by Arafura Resources.

“We are seeking a listing of FDR on the London capital markets, and this latest acquisition is an important piece of the FDR portfolio which is being finalised in advance of that proposed listing.

“We intend to create a unique vehicle with a number of high-impact interests in top-tier mining jurisdictions, which on listing, will launch into multiple active exploration programmes where the results of such exploration may be transformational for shareholders.”