DLC owns 15.1% of PNE/Paynes Find Gold DUE DILIGENCE COMPLETED...

DLC owns 15.1% of PNE/Paynes Find Gold

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DUE DILIGENCE COMPLETED ON ACQUISITION
OF ADVANCED LITHIUM PROJECT WITH RESOURCE
Paynes Find Gold Limited (ASX: PNE) is pleased to announce it has satisfactorily completed due diligence on the acquisition of European Lithium AT (Investments) Limited (EL) the 100% owner and holder of the Wolfsberg Lithium Project in Austria.
The Company will dispatch to shareholders within the next 10 days, a Notice of Meeting to approve the acquisition and authorise a capital raising of a minimum of $6,000,000 to a maximum of $9,000,000.
The Directors believe this project offers considerable exploration upside that has the potential to grow shareholder wealth.
HIGHLIGHTS OF THE ACQUISITION ARE AS FOLLOWS;
 JORC compliant inferred resource of 3,700,000 tonnes at 1.5% Li2O (55,500 tonnes contained Lithium).
 Previously completed 17,000 metres of drilling and 1,400 metres of declines, drives and crosscuts. This work will allow the Company to examine routes to fast track development phase.
 Additional drilling to commence before completion of transaction with a view to upgrading resource.
 Granted Mining Leases over 11 mining areas by the Austrian Mining Authority.
 Bulk sample (1,000 tonnes) taken for metallurgical test work. Bankable feasibility study to commence immediately after completion.
 Planned production profile of 15-20 months from acquisition.
 Located 40 kilometres from Samsung battery plant in Gratz, Austria.
　
 Proposed Director and Management have considerable experience in resource project development and wide project execution experience.
 Current owner has spent 11.53 million Euros on acquisition and exploration.
 Central European location will allow the Company to help meet EU demand. Good local infrastructure and sources of energy nearby. The project provides a significant transport cost advantage over lithium from South America and Australia.
 Close to the largest lithium import markets in EU. EU is a major Lithium importer, consuming 24% of the global market, second only to China.