 |   Thu Feb 15, 2007
SALE AGREEMENT REACHED WITH ANGLO COAL AND MITSUI OVER COLLINGWOOD AND OWNAVIEW COAL DEPOSITS IN SURAT BASIN, QUEENSLAND
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| | Mr. Ian Rozier, President and CEO of Sennen Resources Ltd. ('Sennen') reports that the Company has executed a Sale Agreement with Anglo Coal Australia ('Anglo') and Mitsui Coal Holdings ('Mitsui') dated February 14th, 2007 for the sale of its interests in the Collingwood and Ownaview Coal projects located in the Surat Basin of Queensland, Australia, for a consideration of AUS$10 million.
The purchase by Anglo and Mitsui is subject to the approval of the Foreign Investment Review Board and the Department of Natural Resources and Mines ('DNR&M'), together with the registration of transfers by the DNR&M and the Environmental Protection Authority into the names of the nominated subsidiaries of Anglo and Mitsui. Sennen is obligated to obtain the approval and registration of transfers from the DNR&M and the withdrawal of an MDLA over the Collingwood Coal project prior to settlement.
In the event Sennen has completed all of its obligations in a timely manner and Anglo and Mitsui do not complete the purchase of the Collingwood and Ownaview coal tenants by June 30th, 2007, they will be liable to pay a 'break fee' of AUS$200,000.
The acquisition of Collingwood and Ownaview by Anglo and Mitsui will add to their presence in the Surat Basin where they already hold the Taroom coal deposit in the same area.
"With the potential cost of continued evaluation as well as the time and cost to progress these two coal deposits to development, we considered the sale of the projects to be in the best interest of shareholders," stated Ian Rozier, President and CEO of Sennen.
For more information, please contact:
Mr. Ian Rozier, President CEO
Website: www.sennenresources.com
Email: info@sennenresources.com
#408-837 W. Hastings Street
Vancouver, BC V6C 3N6
Tel: 604 685 6851 Fax: 604 685 6493
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of the contents of this news release. |
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| | You can view the Next News Releases item: Thu Jun 28, 2007, SENNEN RECEIVES FURTHER AUS $5,500,000 FROM MIDDLEMOUNT SALE
You can view the Previous News Releases item: Thu Nov 16, 2006, AGREEMENT TO SELL INTEREST IN MDL 282 (MIDDLEMOUNT) COAL DEPOSIT FOR AUS $15,000,000.
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