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Sydney, Aug 17, 2010 (ABN Newswire) - Dynasty Metals Australia Limited (
ASX:DMA) are pleased to announce that the two key agreements which formalise the relationship between the Company the Chinese steel producer Hebei XingHua Iron and Steel Co. Ltd ("XingHua") have been executed by both parties. The Dynasty Board will shortly issue a notice of meeting to seek shareholder approval and the parties will finalise all regulatory and Government approvals.
Dynasty Directors' consider that finalisation of these documents is a milestone in the development of the relationship between XingHua and Dynasty and ratification by the parties to secure the placement. The strategic relationship between the two parties will allow Dynasty to accelerate the exploration and resource definition work over the Company's flagship Prarie Downs Iron Ore Project.
Dynasty's 2010 Phase 1 exploration continues to deliver encouraging results with the anticipated extensions of the global resource envelope announced on March 18, 2010.
The placement with XingHua will enable the company to expedite Phase 2 2010/2011 exploration and pre feasibility studies. The Prairie Downs Phase 2 program will be designed from the interpretation of results from Phase 1. These results are expected over the next 8 to 12 weeks.
Highlights Include:
Hebei XingHua Iron and Steel Co. Ltd and Dynasty Metals Limited have executed formal Subscription and Relationship Agreements.
The agreements support the A$6.4 m placement previously announced on 30 June 2010 and are subject to Government and shareholder approvals.
Placement to provide strong cash position which will enable Dynasty to accelerate Prairie Downs Iron Project.
Strategic partnership with XingHua to give strong operational and corporate support, which will augment the high standard of the company's technical achievements and provide:
- direct access to the vast and expanding Chinese iron-ore market
- high level technical support in the assessment of Dynasty's iron ore
- access to Chinese infrastructure engineers and infrastructure providers
- support for access to debt and equity financing
- significant upside for assessment of strategic project acquisition and development.
ASX:DMA) are pleased to announce that the two key agreements which formalise the relationship between the Company the Chinese steel producer Hebei XingHua Iron and Steel Co. Ltd ("XingHua") have been executed by both parties. The Dynasty Board will shortly issue a notice of meeting to seek shareholder approval and the parties will finalise all regulatory and Government approvals.Dynasty Directors' consider that finalisation of these documents is a milestone in the development of the relationship between XingHua and Dynasty and ratification by the parties to secure the placement. The strategic relationship between the two parties will allow Dynasty to accelerate the exploration and resource definition work over the Company's flagship Prarie Downs Iron Ore Project.
Dynasty's 2010 Phase 1 exploration continues to deliver encouraging results with the anticipated extensions of the global resource envelope announced on March 18, 2010.
The placement with XingHua will enable the company to expedite Phase 2 2010/2011 exploration and pre feasibility studies. The Prairie Downs Phase 2 program will be designed from the interpretation of results from Phase 1. These results are expected over the next 8 to 12 weeks.
Highlights Include:
Hebei XingHua Iron and Steel Co. Ltd and Dynasty Metals Limited have executed formal Subscription and Relationship Agreements.
The agreements support the A$6.4 m placement previously announced on 30 June 2010 and are subject to Government and shareholder approvals.
Placement to provide strong cash position which will enable Dynasty to accelerate Prairie Downs Iron Project.
Strategic partnership with XingHua to give strong operational and corporate support, which will augment the high standard of the company's technical achievements and provide:
- direct access to the vast and expanding Chinese iron-ore market
- high level technical support in the assessment of Dynasty's iron ore
- access to Chinese infrastructure engineers and infrastructure providers
- support for access to debt and equity financing
- significant upside for assessment of strategic project acquisition and development.
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About Dynasty Metals Australia Limited
Dynasty Metals Australia Ltd (ASX:DMA) is an emerging Australian iron ore exploration company focused on developing its 100%-owned tenements at Prairie Downs in Western Australia's Pilbara region.
In March 2010, Dynasty announced initial JORC-Compliant Inferred Resources of 453 million tonnes of Detrital Channel Iron and 23.3 million tonnes of Marra Mamba Iron Formation.
The 2010 exploration programs are underway and are aimed at further testing and significantly expanding the current resources, as well drilling a large iron-rich basal conglomerate for the first time. The exploration target is more than 1 billion tonnes of iron.
During 2010, Dynasty plans to commence detailed commercial investigations that will cover preliminary mine planning, beneficiation process design, mining and processing costs, transport infrastructure, capital costs, environment and native title clearances, and government approvals. A pre-feasibility study is anticipated to commence in late 2010.
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