AMN - BOTSWANA: Metal Tiger in acquisition agreement

Metal Tiger has signed a binding investment agreement to acquire up to 50% of Botswanan-focused explorer Kalahari Metals Limited (KML) for total consideration of US$1.6 million.

The AIM-listed company has exercised the first option under the agreement and will be issued 18% of the enlarged share capital of KML for a total consideration of US$600,000. Metal Tiger will also appoint two non-executive directors to the board of KML.

KML is a privately owned company that holds interests in seven highly prospective exploration licences covering 4,063 sqkm in the Kalahari Copper Belt. These consist of two 100%-owned exploration licences and five exploration licences subject to a binding earn-in agreement with Triprop Holdings Limited.

Metal Tiger's CEO Michael McNeilly said: "The signing of this deal with Kalahari Metals Limited follows three months of substantial corporate and technical due diligence and is a further exciting milestone in Metal Tiger’s continuing involvement in a world-class copper region in Botswana.

“Based on our initial discussions, a key focus will be to conduct geophysics and soil geochemical surveys to identify high priority targets for drilling as well as commence work on the environmental management plans for areas likely to be of interest for drilling in the near term."

Meanwhile, Metal Tiger's joint venture project with MOD Resources has completed infill and extension drilling for the T3 (Motheo) Pit resource at the T3 project also in Botswana. Assays received to date are in line with expectations.

The JV has commenced a geotechnical drilling program for an expansion case at the T3 (Motheo) Pit resource, with eight geotechnical holes planned.

The objective of this program is to convert current inferred resources to the indicated and measured resource category and extend the total mineral resource to support the expansion case model for the pre-feasibility study.

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