AMN - NAMIBIA: Deep-South to control Haib project

Deep-South Resources Inc has entered into an agreement to acquire from Teck Namibia, a wholly owned subsidiary of Teck Resources, the remaining 70% of Haib Minerals that it does not own. Haib holds an Exclusive Prospecting Licence which hosts the Haib Copper Project in the south of Namibia.

At closing, Deep-South will hold 100% of Haib Minerals. At closing, in addition to its current shareholding, Teck will hold almost 18 million of the common shares of Deep-South, representing about 35% of the company's share capital.

Haib is a large copper-molybdenum porphyry deposit in the Karas region of southern Namibia, 8km from the Orange River and the South African border.

The deposit, discovered in the 1950s, has seen over 50,000 metres of drilling in the 1970s by companies such as Rio Tinto and Falconbridge. Since 2010, Teck Namibia has completed over 14,000 metres of drilling with results such as: 121 metres @ 0.5% copper, 494 metres @ 0.36% and 30 metres @ 0.81%.

Deep-South Chairman John Akwenye said, “We are delighted with this transaction. Haib is the largest known porphyry copper deposit in Africa and is situated in an ideal location adjacent to modern infrastructure and in one of the best mining countries in Africa.

“In becoming our largest shareholder, Teck is a strong shareholder to have in support of the company. Haib has substantial exploration potential and is a quality asset that adds strong value for our shareholders."

Deep-South Resources is a mineral exploration company with a large Namibian shareholding, actively involved in the acquisition, exploration and development of major mineral properties in Namibia and Canada. Deep-South’s growth strategy is to focus on the exploration and development of quality assets, in significant mineralized trends, close to infrastructure, in stable countries.

www.deepsouthresources.com

News courtesy of International Mining