said it has entered into an exclusive Sale Agreement with an International Private company to divest 100% of Hodges interest in the Salman South and Mame Gold projects, situated in Southern Ghana.

Under the terms of the agreement and on successful completion of the due diligence, the company has the right to acquire 100% of the issued capital in Wells Gold Corporation (International) Pty Ltd, including its rights and interests in the Salman South and Mame prospects.

On the 7 February 2014, the Private Company secured exclusivity rights with Hodges, by paying a non-refundable exclusivity deposit of US$100,000. The Private Company has 120 days in which to complete due dillegence.

On successful completion of the due diligence, the Private Company can purchase the companies and its rights over the projects by paying Hodges US$1,000,000. Hodges will not retain any rights in the project on successful completion of the transaction.

Managing Director Mark Major said “ the company was happy to have reached an agreement on the Ghana project with a company who has a West African Gold focus. It is clear that the Priate Company have the funds, in-country team and company focus to advance the project forward in the immediate future.”

“This now allows us to focus on creating shareholders wealth through utilising one of the best coal resources in Botswana, which is located in the heart of the Botswana coal and power infrastructure hub”, Major said.

Hodges Resources Limited is proving up multi-billion-tonne thermal coal asset in central east Botswana. This asset is known as the Morupule South Coal Project and is located directly to the south of the Morupule Colliery (underground), the only operating colliery in Botswana. The asset is strategically located next to existing coal operations, power stations & rail infrastructure & will play an integral role in catering to Southern Africa – and the world’s – appetite for power. The Company currently has 75% of the project.