Newport Withdraws from Mulga Tank Joint Venture
For more information, please contact:
Mr. Ian Rozier, President & CEO
Website: www.newport-exploration.com
Email: info@newport-exploration.com
#408-837 W. Hastings Street
Vancouver, BC V6C 3N6
Tel: 604 685 6851 Fax: 604 685 6493
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of the contents of this news release.
Appointment of J. Merfyn Roberts as Director
Mr. Paul Ray has resigned from the Board of Directors and the Company wishes to express it's gratitude for his past effort on behalf of the Company.
Mr. J. Merfyn Roberts of London, England has been appointed to the Board of Directors. Mr. Roberts has over 30 years experience in international mining and mining finance. He holds a B.Sc. Honours in Geology from Liverpool University, and M.Sc. from Oxford University, and is also a Chartered Accountant in the U.K.
For more information, please contact:
Mr. Ian Rozier, President & CEO
Website: www.newport-exploration.com
Email: info@newport-exploration.com
#408-837 W. Hastings Street
Vancouver, BC V6C 3N6
Tel: 604 685 6851 Fax: 604 685 6493
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of the contents of this news release.
Update On Mulga Tank, W. Australia
The drilling program at Mulga Tank commenced, but a combination of limited availability of suitable drilling equipment and difficult ground conditions resulted in the program being reduced in scope. The first traverse of five holes was sited across the central portion of the main, northern conductive zone as identified from the Tempest airborne geological survey. Due to drilling problems which occurred as a result of encountering running sands and indurated siltstone in the front five holes, other holes were sited on seven other traverses across both anomalous zones. No radioactive material has been returned from any of the holes.
At this time it is apparent that the future of the Mulga Tank project is in the nickel exploration potential in the peridotile/dunite as identified in two vertical diamond holes drilled in 2005 by the Company and the Company is reviewing its options on how to proceed on this basis.
For further information contact:
Investor Relations
604-685-6851
info@newport-exploration.com
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy of the contents of this news release.
NEWPORT CLOSES BROKERED PRIVATE PLACEMENT OF 16,100,000 UNITS AT $0.35 FOR TOTAL GROSS PROCEEDS OF CDN$5,635,000
The units were sold under an agency agreement between the Company and PowerOne Capital Markets Inc. pursuant to which the Company paid PowerOne a commission of 6.5% of the gross proceeds, plus administrative and legal fees. The Company also issued a total of 1,046,500 non-transferable compensation options with each compensation option entitling the holder to acquire one unit at an exercise price of $0.35 until July 24, 2009.
In accordance with applicable securities laws, the shares, the warrants and the compensation options will be subject to a four month hold period expiring November 25, 2007.
Proceeds from the Private Placement will be used for further exploration of the Company's Mulga Tank nickel-uranium prospect in Western Australia and for general working capital.
For further information contact:
Barbara Dunfield
604-685-6851
info@newport-exploration.com
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of the contents of this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
DRILLING CONTRACT AWARDED FOR MULGA TANK NICKEL-URANIUM PROJECT, W. AUSTRALIA
Drill targets at Mulga Tank were identified from an extensive geophysical survey and from further geological analysis of two vertical diamond holes drilled in 2005 by the Company. Following on the discovery of uranium at Mulga Rock (50 km to the east) and the 'tracking' of anomalous units into the Mulga Tank Exploration Licence ("EL"), uranium anomalism around the Mulga tank EL was detected by Tempest Airborne Geological Survey. The proposed drilling will target these anomalies.
The Mulga Tank tenements comprise an EL covering 210 km and an Application for Exploration Licence ("AEL") over 153sq km. Under the terms of the agreement with King Eagle, the Company has an option to earn an 80% interest in the EL and an option over a 75% interest in the AEL.
The "three mines" policy, introduced in 1984, has until recently restricted uranium production to three specific sites in Australia. A recent decision by the Federal Government in Australia to lift long standing curbs on uranium mining in the country has triggered enormous activity in uranium exploration; much of this activity is taking place in the Mulga area of Western Australia.
For further information contact:
Investor Relations
604-685-6851
info@newport-exploration.com
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy of the contents of this news release.