Essel Group ME, corporate

Essel Group ME,

05.10.2017 - 10:55:39

Essel Group ME appoints Colonnade as Bada potash drilling contractor

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 , Finsbury +44 (0)20 7251 3801  

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.

05.10.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

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