Appointment of J. Merfyn Roberts
Mr. Paul Ray has resigned from the Board of Directors and the Company wishes to express it's gratitude for his past effort on behalf of the Company.
Mr. J. Merfyn Roberts of London, England has been appointed to the Board of Directors. Mr. Roberts has over 30 years experience in international mining and mining finance. He holds a B.Sc. Honours in Geology from Liverpool University, and M.Sc. from Oxford University, and is also a Chartered Accountant in the U.K.
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.
SENNEN RECEIVES AUS$10,000,000 FROM COLLINGWOOD/OWNAVIEW SALE
Sennen currently has Cdn$15,500,000 in the Treasury with a further AUS$9,000,000 due from the sale of the Middlemount Coal deposit, for which bank guarantees have been provided (News Release dated June 28th, 2007).
"With the anticipated time and costs of continued evaluation for project development, especially in light of the capacity constraints and critical infrastructure bottlenecks that continue to hinder new coal mine development in Australia, we considered the sale of the Australian coal projects to be in the best interest of shareholders," stated Ian Rozier, President and CEO of Sennen.
Upon receipt of the balance of funds from the Middlemount transaction, Sennen would have approximately Cdn$23,500,000 in the treasury with approximately 44,500,000 shares issued and outstanding.
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.
SENNEN RECEIVES FURTHER AUS $5,500,000 FROM MIDDLEMOUNT SALE
Under the terms of the share purchase agreement, Custom Mining (Middlemount) Pty Ltd ("CMM") will acquire all the issued and outstanding shares of Ribfield Pty Ltd ("Ribfield"), an Australian company, which is 100% beneficially owned by Sennen (News Release dated November 16th, 2006). The total purchase price for Sennen's shares in Ribfield is AUS$15,000,000. Sennen has now received AUS$6,000,000 on account of the purchase price, with two further tranches of AUS$4,500,000 each to follow, for which bank guarantees have been provided by the Noble Group Limited of Hong Kong, a well known metal trader from China and a large investor in primary resource projects in Australia.
Sennen currently has CDN$6,350,000 in the treasury with a further AUS$9,000,000 guaranteed from the sale of Middlemount. In addition, Sennen will receive AUS$10,000,000 from the sale to Anglo Coal Australia and Mitsui Coal Holdings of the Collingwood and Ownaview coal projects, also in Queensland, Australia, (News Release dated February 15th. 2007).
Upon completion of both of the above transactions, Sennen will have approximately CDN$25,500,000 in the treasury with 44,500,000 shares issued and outstanding.
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.
SALE AGREEMENT REACHED WITH ANGLO COAL AND MITSUI OVER COLLINGWOOD AND OWNAVIEW COAL DEPOSITS IN SURAT BASIN, QUEENSLAND
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.
AGREEMENT TO SELL INTEREST IN MDL 282 (MIDDLEMOUNT) COAL DEPOSIT FOR AUS $15,000,000.
Under the terms of the Agreement CMM will acquire all the issued shares of Ribfield Pty Ltd ("Ribfield"), an Australian company beneficially owned by Sennen, and the owner of a 95% interest in Middlemount. The consideration to be paid by CMM to Sennen for the purchase of the shares of Ribfield will be A$15,000,000. The terms of the Agreement are summarized as follows:
1. The payment to Sennen of a non-refundable deposit of A$500,000 upon execution of the Agreement.
2. Completion of the Agreement (the "Completion") is to take place five business days following satisfaction of the following conditions:
(a) Regulatory approval in Australia for the transfer of MDL 283 (Ownaview) and EPC 640 (Collingwood) to another entity owned by Sennen;
(b) DJB Coal obtaining regulatory approval for the transfer of their 5% interest in MDL 282 to CMM; and
(c) Regulatory approval of the TSX Venture Exchange; but in any event not later than June 30, 2007.
3. CMM has a period of 8 weeks to complete a drilling and analysis program (the "DA Period") on MDL 282.
4. Within 16 weeks of the expiration of the DA Period, CMM is to place A$3,500,000 into an escrow account with Sennen's Australian lawyers, Blakiston and Crabb, in the event that Completion has not occurred by that time.
5. Upon Completion, CMM will pay Sennen A$2,000,000, and A$3,500,000 will either be paid to Sennen directly by CMM or be released from escrow to Sennen, as the case may be.
6. Within 12 months of Completion, CMM will pay Sennen a further A$4,500,000.
7. Within 24 months of Completion, CMM will pay Sennen the final A$4,500,000.
8. Upon Completion, CMM will provide bank guarantees for the two outstanding payments of A$4,500,000 to be paid by CMM on the 12 and 24 month anniversaries of the date of Completion in order to ensure payment of the funds as and when they are due; the escrow agent will not be required to hold these funds.
Following Completion, Sennen will retain its interest in MDL 283 (Ownaview) and EPC 640 (Collingwood), two coal deposits also located in Queensland. MDL 283 (Ownaview) is located 10km from Dalby in Queensland and is approximately 75km from the Tarong Power Station. As reported in a news release of the Company dated March 1, 2005, Ownaview contains a 'historical' Measured Resource of 172Mt of recoverable high volatile, low sulphur (0.4) thermal coal, 97Mt having a strip ratio of 5 to 1 (waste to coal). The average seam thickness is 7.1m.
EPC 640 (Collingwood) is located15km from the railhead at Wandoan 400km from Brisbane. As reported in the March 1, 2005 news release, Collingwood contains a 'historical' measured and indicated Resource of 115Mt with a strip ratio of between 5 to 1 and 7 to 1 (waste to coal), with a moderate ash content (15-20%) and high specific energy. The coal deposits at both Ownaview and Collingwood would be amenable to low cost dragline mining methods.
With the Agreement with CMM over Middlemount, Sennen is now in a position to better evaluate its options with respect to the further development of Ownaview and Collingwood.
The qualified person having prepared the contents of this news release is Mr. Ian Rozier, B.Sc.(Hons), M.Sc., P.Eng.