MEDIA RELEASE
12 March 2009 Nanjing, China
ARAFURA CONFIRMS CHINA DEAL
Arafura Resources Limited (ASX:ARU) has this week confirmed that the Chinese company
East China Exploration (ECE) will invest A$24 million to acquire a 25% interest in Arafura.
ECE will acquire 60 million shares at prices up to 40 cents per share by way of two
placements.
The details of ECE’s commitment were confirmed at ECE’s Headquarters in Nanjing, China
this week in meetings with Arafura’s Chairman, Ian Laurance and Managing Director, Alistair
Stephens.
Mr. Laurance and Mr. Stephens met with senior ECE executives. Mr. Laurance, speaking
from Nanjing following the meetings, said that the ECE placements would be subject to
approval by Arafura shareholders at an EGM that would be held as soon as possible. The
ECE involvement would also require FIRB approval and both companies were proceeding
with this application.
“ECE, with a history of 54 years, is a major mineral exploration, development and mining
group based in the Jiangsu Province of China and they are interested in assisting Arafura to
develop the Nolan’s rare earths-phosphate and uranium project in Northern Territory”, Mr.
Laurance said.
“The ECE capital injection will ensure that Arafura has the cash to progress our feasibility
work for the Nolans project this year. ECE will then assist us in project financing for mining
and processing for the Nolans project.”
Mr. Laurance said that following the meetings in Nanjing this week, a delegation of senior
ECE Executives will travel to Australia in April to visit the Nolan’s site in central Australia and
to meet with the Northern Territory Minister for Mines, Hon Kon Vatskalis and the Federal
Minister for Resources, Hon Martin Ferguson.
Managing Director Mr. Stephens said that in addition to assisting the funding of the Nolans
project, ECE would enter into a series of relevant Joint Ventures to explore Arafura’s other
tenements in the Northern Territory.
“ECE has had great success in exploration across China and in many other countries and
they are keen to bring their expertise to assist Arafura in developing further opportunities.”
Mr. Stephens said.
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