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Essel Group ME
Essel Group ME appoints Colonnade as Bada potash drilling contractor
05-Oct-2017 / 09:40 GMT/BST
*5 October 2017*
*Essel Group ME appoints Colonnade as Bada potash drilling contractor*
Essel Group ME Limited ("EGME") is pleased to announce that it has appointed
Colonnade Mining Group (Eritrea) Limited ("Colonnade") as drilling
contractor for its Bada potash project, located in the northern Danakil
region of Eritrea, East Africa ("Bada").
EGME's subsidiary, Interu Mining, has signed a contract with Colonnade under
which the latter will carry out a core sample drilling programme at Bada,
marking a significant step in the project's development.
The drilling programme will comprise of five bore holes, each 200 metres
deep with a vertical incline or 75 degree angle. Core samples will be sent
to an external laboratory for analysis to examine the occurrence of
evaporate strata beneath the overburden layer. This will build on previous
testing, providing EGME with a better understanding of Bada's geology and
potash-bearing potential.
Colonnade will supply the drill and necessary equipment, with mobilization
of the equipment already underway. Colonnade has instructions to commence
drilling by the 3rd week of October, for an expected period of 30 days.
EGME is seeking further opportunities to invest in forward international
integration in the potash industry, particularly in Turkey and India, due to
the commodity's strong long-term fundamentals.
*Punkaj Gupta, Joint Managing Director and Group CEO, Essel Group ME,
commented: *
_"I am very pleased to be partnering with Colonnade, a leading drilling
contractor in the region, at this exciting time for Bada. The core sample
drilling programme marks a key milestone for the project, and will provide
us with enhanced data to help fully understand the asset's geology and
potential. _
_"I am extremely excited about Bada's prospects and its scope to possess
significant potash resources and reserves. Its favourable geographical
location and proximity to both transport infrastructure and key end users
make this project even more promising. I look forward to providing further
updates once the drilling programme and core sample analysis have been
completed."_
*-ENDS-*
*For further information please contact:*
+----------------------------------------+---------------------+
|*Kriti Ladsaria, Essel Group ME * |*+971 42793955* |
+----------------------------------------+---------------------+
|*Dorothy Burwell / Charles O'Brien , |*+44 (0)20 7251 3801*|
|Finsbury* | |
+----------------------------------------+---------------------+
*About Essel Group ME*
EGME operates subsidiary businesses in the natural resources, nuclear
energy, financial services, industrial supply and logistics, education and
media sectors. Its natural resources portfolio includes oil and gas, potash
and iron ore assets. EGME pursues growth through the acquisition of
underdeveloped assets at competitive valuations. Currently, its anchor
assets are located across Africa, where there is significant potential and a
competitive cost environment.
EGME is a part of Essel Group, the Indian multinational conglomerate
operating in a broad spectrum of industries including media, packaging,
infrastructure and technology. Building on Essel Group's 90 year history of
developing and promoting businesses, EGME is leading the expansion of the
Group's presence in Europe, the Middle East and Africa.
For further information, please visit www.esselgroupme.com [1].
Dissemination of a FINANCIAL NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
End of Announcement - EQS News Service
616133 05-Oct-2017
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(END) Dow Jones Newswires
October 05, 2017 04:40 ET (08:40 GMT)
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