LONDON, UK: Power Metal Resources plc (LON:POW) has signed an agreement for the 100% acquisition of the Selta Project, located in the Northern Territory, Australia.

The acquisition will be undertaken by Power Metal subsidiary, First Development Resources Limited (FDR), in an all FDR share transaction to acquire a 100% interest in URE Metals Pty Limited (“URE”), a private Australian company which wholly-owns the Selta Project.

FDR is a special purpose company set up by Power Metal to act as a vehicle for a planned listing on the London capital markets; with a unique and high-impact portfolio of exploration interests.

FDR recently acquired outright First Development Resources Australia Pty Limited (“FDR Australia”) and its interests in the Paterson Province of Western Australia. 

FDR is seeking to acquire additional strategic exploration interests and the acquisition of the Selta Project announced today is an important step in the completion of that process.