Rum Jungle Resources (ASX:RUM) Gains Washington H Soul Pattinson as Substantial Shareholder.
"Support from a company as successful and highly regarded as WHSP is a real vote of confidence in what we have been doing," says Rum Jungle Managing Director David Muller. "This follows the solidarity of the recent upgrade in the company's resources."
Rum Jungle's substantial reserves of phosphate near Barrow Creek in the Northern Territory have recently been estimated at 253 million tonnes. This is a JORC figure using data from 875 drill holes.
This makes Barrow Creek one of the biggest unexploited phosphate deposits in Australia - and a world class deposit.
In addition its Karinga Creek potash reserves will soon be able to also release a JORC resource statement. "The project has the attributes to become a standout potash producer,"said Mr Muller.
WHSP, founded in 1903, now includes coal mining, bulk handling, television stations and program production, pharmaceutical retailing, brickworks - and it is one of Australia's leading telecommunications carriers. They take pride in having paid a dividend every one of the 108 years they have been listed.
With a portfolio currently valued at $4.5 billion, WHSP announced this month that it had $338 million in reserves and has been scouring the world for investment opportunities.
Mr Muller commented: "That they chose us as an investment target shows that a sophisticated investor recognises the huge potential of what we are doing with Rum Jungle Resources Ltd."
About Rum Jungle Resources Limited:
Rum Jungle Resources (ASX:RUM) is an Australian Securities Exchange listed, diversified junior explorer focused on highly prospective land located in Australia's Northern Territory and Queensland.
A Northern Territory and Queensland focussed mineral explorer with a portfolio including: Uranium, Potash, Phosphate and Base Metals.
Rum Jungle Resources has strategic alliances with other major Northern Territory explorers increases exposure to additional exploration areas.
Rum Jungle Resources has experienced geological management backed up by a solid financial base to fund exploration budgets.
Copyright 2011 ABN Newswire
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|Date:||Dec 19, 2011|
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