Cannindah Resources update and due diligence activity

Cannindah Resources Limited (ASX:CAE) has received a proposal from Corporacion Naciional del Cobre de Chile 'Codelco' to conduct due diligence activity over the company's flagship Mt Cannindah project. The board is considering its position and has executed a 'consent deed' detailing the conditions upon which the Producer will be allowed to access the project and data. The consent deed does not bind the Producer or CAE to enter into a transaction.

Managing Director's perspective on the due diligence proposal

Managing Director Tom Pickett stated, 'It is an excellent endorsement of the credibility of the Mt Cannindah asset that we have attracted this continued international interest from a large copper Producer. We look forward to receiving the benefits of their work as we continue to build scale at Mt Cannindah over the next 12 months. Our planned exploration program will be focused on additional tonnes to expand upon the resource we recently released, along with exploration of new and existing targets to add further scale.'

Summary of the announcement and outlook

Cannindah Resources Limited (ASX:CAE) has received a proposal from Codelco to conduct due diligence activity over the Mt Cannindah project, with the board considering its position. The renewal of EPM 14524 at Mt Cannindah for a further 5-year term has been confirmed. The company aims to implement planned exploration activity and build scale at Mt Cannindah over the next 12 months. With exceptional exploration management and significant copper intercepts at the flagship Mt Cannindah project, the company looks forward to the potential benefits of the planned exploration program and the continued international interest from a large copper Producer.