PURSUIT MINERALS LTD (PUR)

The suspension of trading in the securities of Pursuit Minerals Limited will be lifted immediately following the receipt of a response to an ASX Price and Volume Query.

The company issues a response to ASX Price and Volume Query.

Pursuit has entered into a 12-month Option Agreement, with the ability to subsequently purchase a 100% interest, in a package of three highly prospective, advanced nickel sulphide projects in Norway, which are geologically analogous to the giant Voisey's Bay nickel deposit in Canada. The package of advanced nickel sulphide projects comprises the Espedalen, Sigdal and Hosanger projects in southern and west-central Norway. The Espedalen Project, currently contains the two nickel deposits. The Stormyra Mineral resource is open at depth. Drilling will be undertaken, to determine if the Mineral Resource can be expanded and to further investigate encouraging drill intersections. In addition to the Stormyra and Dalen nickel deposits, the Espedalen Project contains 10 prospects containing nickel intersections of at least 5m @ >1% Ni which warrant follow up drilling. The Sigdal Project contains a geophysical conductor associated with historical mine workings, which has only been tested with two short drill holes, returning gold grades over 10g/t with encouraging nickel and copper mineralisation. The Hosanger Project contains the historical Litland nickel mine which produced 460,000t of nickel ore grading 1.05% Ni, 0.35% Cu and 0.05% Co from 19151 and which remains open at depth. Norway has a long history of nickel mining, producing 75% of the worlds nickel at the commencement of the 1900's, while the Bruvann Ni-Cu-Co mine operated between 1989-2002. Glencore operate the Nikkelverk nickel refinery at Kristiansand in southern Norway, which has been refining nickel concentrate and exporting nickel products since 1910. Securing the option over the Espedalen, Sigdal and Hosanger projects expands Pursuit's exposure to "Battery Metals" which are increasingly important in Europe as the continent rapidly transitions to clean energy sources and electric vehicles, which is requiring a massive increase in battery production and deployment and subsequent increased consumption of battery metals including nickel. Pursuit is required to pay US$25,000 cash, issue 20 million shares and incur exploration expenditure of US$250,000 in 12 months to become entitled to exercise the option to acquire 100% of the projects.

It is expected that the suspension will last until the commencement of trading on Tuesday 18 February 2020, or Pursuit releasing an announcement to the market responding to the ASX Price Query Letter, whichever occurs earlier.

The securities of Pursuit Minerals Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of PUR, pending the release of an announcement regarding an ASX Price and Volume Query.

The suspension of trading in the securities of Pursuit Minerals Limited will be lifted from the commencement of trading on Tuesday, 31 July 2018, following the release by the Company of an announcement regarding the Company's application to the Federal Court.

The company was successful in obtaining all orders sought at the Federal Court of Australia hearing held on 30 July 2018. The orders were: any offer for sale or sale of the quoted securities in the Company during the period after their issue until 6 July 2018 is not invalid by reason of: the failure to issue a valid notice under section 708A of the Corporations Act 2001 (Cth) to exempt the sellers from the obligation of disclosure under the Corporations Act 2001 (Cth); and the sellers' consequent failure to comply with sections 707(3) and 727(1) of Corporations Act 2001 (Cth); and any sellers of these securities are relieved from any civil liability arising out of any contravention of sections 707(3) and 727(1) of Corporations Act 2001 (Cth).

The company has reviewed historical drilling and assay data at the Koitelainen Vosa prospect in northern Finland and identified errors in the compilation of historical data, which was supplied to Pursuit, that resulted in the vanadium grades of magnetite concentrates in the northern section of the prospect being substantially understated.Pursuit has identified six drill holes in the northern section of the Koitelainen Vosa prospect which produced magnetite concentrates with grades of V2O5 ranging from 0.59 "“ 1.88% V2O5, not ranging from 0.10 "“ 0.35% V2O5.

At the request of the Company, the ASX imposed a voluntary suspension of trading in the Company's securities which the ASX has advised will remain until: the Company has lodged a prospectus to cleanse all shares issued under the Placement so that subsequent trading of those shares is not subject to secondary trading restrictions under the Act. This required prospectus was lodged on 6 July 2018 with the ASX and ASIC; and the Federal Court has made a decision relating to the declaratory relief and ancillary orders sought by the Company to validate the trading of shares from the Placement that occurred prior to the lodgement of the Prospectus. This Federal Court application has been filed and had been listed for a hearing on 30 July 2018 at 10:15am (WST).

The company has intersected substantial widths of zinc-lead mineralisation in a hole planned to test the southeast extensions of the JB Zone on the Paperbark Project. Zinc and lead mineralisation has been confirmed over a 91m down hole interval from 122m in hole PB07-18, with zinc+lead values up to 5.05% recorded.

The company released a cleansing prospectus for an offer of up to 11,364 Shares at an issue price of $0.088 per Share to raise up to $1,000 (before expenses).

The company has received encouraging results from the final two holes drilled in the 2018 drill program at the Paperback Project, north-western Queensland. Copper sulphide mineralisation intersected at the Grunter North Prospect and drilling completes at the JE Zone.

At the time of an issuance of shares on 7 June 2018 made without a disclosure document, the company gave a cleansing notice that was not effective given the company had been suspended for more than 5 trading days in the previous 12 months. These shares remain subject to secondary trading restrictions under the act. The company s taking all necessary steps to rectify any such breaches on an expedited basis and will shortly lodge a prospectus to cleanse all shares issued under the Placement that have not been sold so that subsequent trading of those shares is not subject to secondary trading restrictions under the Act. Once the Prospectus is lodged, the Company will file an application with the Federal Court of Australia seeking declaratory relief and ancillary orders relating to prior trading in those shares from the Placement that have been sold, so that on-sale prior to the issue of the Prospectus will be validated and will not attract any civil liability.

The securities of Pursuit Minerals Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of the Company, pending the release of an announcement.

The suspension of trading in the securities of Pursuit Minerals Limited will be lifted from the commencement of trading today, Friday, 1 June 2018, following the release of an announcement regarding a capital raising.

The company has received firm acceptances for the placement of 16.1 million shares at a price of A$0.10 per share to raise $1.61 million before costs. The placement was substantially oversubscribed. The shares have been placed with a variety of institutional and sophisticated investors, primarily in Australia. The new shares will rank equally with existing shares and the total number of shares on issue will increase to approximately 81.47 million. The proceeds from the placement will be used for development of the Company's vanadium exploration projects in Finland and Sweden, as well as its zinc projects in north-west Queensland, and for general working capital purposes.

The company releases its Appendix 4G and Corporate Governance Statement.

The securities of Pursuit Minerals Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of the Company, pending the release of an announcement regarding a proposed capital raising.

name changed from Burrabulla Corporation Limited