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Latest News
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Ivernia elects to enter into Farm In Option Period
Prairie Downs Metals Limited (“Prairie” or “the Company”) is pleased to announce that Ivernia Australia Exploration Pty Ltd (“Ivernia”), a wholly-owned subsidiary of Ivernia Inc. (TSX: IVW), has elected to enter into the Farm-In Option Period as per the terms of the Joint Venture Agreement (“Agreement”) signed between Prairie and Ivernia in June 2010.
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Quarterly Report for the period ended 30 September 2011
The directors of Prairie Downs Metals Limited are pleased to present the September 2011 quarterly activities report.
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Prairie Downs Metals Limited Annual Report for 2011
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Capital Raising and Board Changes
Prairie Downs Metals Limited (ASX: PDZ) (“Prairie” or “the Company”) is pleased to advise that it will raise approximately $2.25 million in additiional working capital. The funds raised will enable the Company to fund ongoing exploration and development of the Company's namesake project at Prairie Downs, fund the exercise of unlisted options held in Papillon Resources Limited , and enable Prairie to accelerate ongoing project generation activities which are focused on the identification of new opportunities in the resource sector.
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Notice of Annual General Meeting
The Annual General Meeting of Prairie Downs Metals Limited will be held at the Plaza Level, BGC Centre, 28 The Esplanade, Perth Western Australia at 1.00pm (WST) on Wednesday 30 November 2011.
Please click here to download the Notice of Annual General Meeting and Explanatory Memorandum
Company Overview
Prairie Downs Metals Limited (ASX:PDZ) (“Prairie”) is a Perth based junior exploration company.
Prairie’s main focus since relisting in 2005 has been the Prairie Downs Base Metals Project (“the Project”). The Project lies within Prairie’s 550km2 tenement package located approximately 100 km southwest of Newman in Western Australia. These tenements host a zinc, lead and silver deposit in zones adjacent to the Prairie Downs regional fault. Prairie has completed over 300 drill holes to define a mineral resource of 3.0 million tonnes at a grade of 4.9% zinc, 1.6% lead and 15g/t silver. The Project and the region have enormous exploration and development potential.
In June 2010 Prairie concluded an agreement with Toronto based Ivernia Inc. (“Ivernia”) (TSX:IVW) which will result in Ivernia funding a significant exploration program at the Company’s flagship project. By investing a minimum of $3 million in exploration over 18 months Ivernia will earn an option to acquire a 60% interest in the Project for a payment to Prairie of $10 million. As a result of this agreement an aggressive exploration program is underway to pursue high priority targets near the existing known mineralisation and a number of other high priority targets along strike of the regional structure.
Prairie has developed an efficient project identification and due diligence function and is continually reviewing new investments. In December 2009 Prairie identified and negotiated Papillion Resources Ltd’s (ASX”PIR) (“Papillion”) acquisition of West African gold projects. As a result of this transaction Prairie retains an equity interest in Papillion of 5 million shares and 5 million options.
Prairie continues to actively pursue new opportunities to acquire resource projects to complement the current portfolio and capabilities and deliver long-term growth to shareholders. The Company is considering assets in a number of commodities and jurisdictions and is confident that its disciplined approach will continue to deliver positive outcomes for shareholders.