Brisbane, Aug 4, 2008 (ABN Newswire) - North Queensland Metals (ASX:NQM) is pleased to announce the registration of three Indigenous Land Use Agreements (ILUA) covering NQM's tenements in the Herberton area.
NQM, which operates the 60%-owned Pajingo gold mine, is developing a copper-tin-silver-indium mine at Baal Gammon near Herberton and exploring the region for additional ore sources for the project.
The Agreements outline the process which the Company will follow in order to explore and develop in the areas west of Herberton encompassed by its Exploration Permits - Minerals (EPMs). The ILUAs have been signed with the Jirrbal people who have claim to land on the eastern part of the tenements around Herberton, and the Bar Barrum people who have claim to the western part of the tenements covering Irvinebank and west. A third ILUA covers the ground common ground claimed by both.
The Agreements also cover compensation and co-operative arrangements in relation to employment and business opportunities.
NQM Chief Executive Officer, Mr John McKinstry said: "It was pleasing to see the co-operation between all parties in the development of these ILUAs. As is often the case, the boundary lines are not clear cut, and it is a tribute to all involved that negotiations were concluded quickly and the Agreements registered without challenge."
The registration of the ILUAs is an important step towards the granting of the mining leases for the Herberton/Baal Gammon project.
About NORTH QUEENSLAND METALS LIMITED
North Queensland Metals is an Australian based and listed mining company with a focus on activities in north Queensland. The company has a 60% interest, and is the Manager of the Pajingo Gold Mine near Charters Towers. In addition to its gold operation, North Queensland Metals has a 100% interest in the Baal Gammon copper-tine project near Herberton west of Cairns, and is pursuing a strategy of developing several mines in the Herberton area to feed ore to a central milling facility.
North Queensland Metals' tenements in far north Queensland cover the world class Pajingo epithermal gold system as well as the Herberton mineral field which includes hundreds of historic tin and base metal mines as well as being prospective for tungsten and molybdenum.
Contact
John D McKinstry Tel: 1300 308 832 Fax: 07 3666 0510 Email info@nqm.com.au