CEB Resources benefits from Mariola sale

CEB : CEB Resources benefits from Mariola sale

The net asset value of CEB Resources rose from 0.329 cents per share to 0.454 cents per share over the six months that ended on 31 October 2014, an increase of 38.3%.

The main driver for this was the realisation of an $851,000 profit on its holding in Carbon Investment S.o.o., the owner of the advanced Mariola thermal coal project in Southern Poland.  The 13.3km2 Mariola coal concession encompassing is located near the town of Katowice, in the heart of the Upper Silesian region. They say this represented a threefold return on the initial investment within a space of five months. The stake was acquired by Balamara Resources Limited and, as part of the consideration, CEB received 15m shares in Balamara. CEB say 5.32m of these were sold for A$350,000 during the period.

In other news they say a successful aeromagnetic survey has been flown at their Australian Peelwood base metals project  but, for now, they have left the valuation of their holding in Peelwood unchanged.

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