|
Olympia Signs JV Agreement to Develop Harts Range Garnet Project
Sydney, Nov 7, 2005 (ABN Newswire) - Olympia Resources Limited (ASX: OLY) has signed a Heads of Agreement with Branvest Pty Ltd to develop its 100%-owned Harts Range Garnet Project in the Northern Territory.
Under the agreement, Branvest's Robert Brand will carry out a detailed marketing study on Harts Range that will update the project to Definitive Feasibility Study (DFS) level by 30 April 2006.
Olympia Resources Managing Director Mr Peter Gazzard said: "The directors of Olympia are confident the DFS will demonstrate the viability of the project and will assist Olympia in obtaining finance to commence mining at Harts Range by late 2006."
A Chartered Professional Engineer, Mr Brand has more than 30 years' experience in the design, construction and operation of mineral processing plants in Australia and overseas. For the past five years he has been the Chief Executive Officer of GMA Garnet and Barton Mines Australia, where his primary responsibility was the management of the Australian and international garnet distribution networks.
"We are delighted to welcome Mr Brand aboard ? he has both the necessary knowledge and experience in producing and selling garnet to get the Harts Range project into operation, "Mr Gazzard said.
Upon finance approval, an operating joint venture will be formed between Olympia and Branvest, being 90% Olympia and 10% Branvest, subject where required to board and shareholder approval.
The Harts Range Garnet Project is one of the world's largest detrital abrasives deposits. Approvals are largely in place to allow mining at Harts Range and the Northern Territory government has granted Olympia a mining lease over the deposit. An Indigenous Land Use Agreement (ILUA) has been signed with the traditional owners of the proposed mine site.
About Harts Range
The Harts Range abrasive deposit is situated in the Northern Territory, 180 kilometres north east of Alice Springs. The deposit is one of the world's largest of detrital abrasives containing 2.7 million tonnes of garnet and 6.2 million tonnes of alumino magnesio hornblende (AMH) within 71 Mt of proven and probable ore reserves. These reserves represent approximately 30 years of mining at 300,000 tonnes per year of abrasive product.
About OLYMPIA RESOURCES LIMITED
Olympia Resources (ASX: OLY) is a Western Australian ASX-listed company focused on the exploration and development of a range of resource projects. OLY is developing the Harts Range Abrasives deposit Olympia Resources Limited near Alice Springs in the Northern Territory and plans to begin mining heavy mineral sands at the Keysbrook Project in the South-Western Australia in early 2007. OLY has also confirmed the existence of potentially significant gold mineralisation at Bruce's Prospect in the Northern Territory.
|
|
|
