View in Other Languages 
 |
Sydney, Oct 15, 2010 (ABN Newswire) - MIL Resources Limited (
ASX:MGK) has entered into a Memorandum Of Understanding with Beijing SinoTech Institute of Mineral Exploration Co., Ltd. to fund MIL's copper/gold/nickel/molybdenum exploration projects in Papua New Guinea.
Subject to SinoTech's completion of due diligence by 30 December 2010, MIL's shareholder approval and Australian regulatory approvals, SinoTech (or its subsidiary) will acquire 30% shares in MIL at a fixed price of A$0.034 per share, raising A$5 million.
SinoTech may earn up to 50% in any or all of MIL's projects in PNG through funding exploration expenditure. SinoTech may then earn up to 70% of the project by fully sole funding a feasibility study.
SinoTech is a Chinese exploration company focusing on mineral exploration, mine development and geological services. SinoTech has achieved great success in its overseas exploration and investment. It has investment in Canaco Resources Inc.(CVE:CAN) (PINK:CANWF) who has discovered a new gold belt in Tanzania.
ASX:MGK) has entered into a Memorandum Of Understanding with Beijing SinoTech Institute of Mineral Exploration Co., Ltd. to fund MIL's copper/gold/nickel/molybdenum exploration projects in Papua New Guinea. Subject to SinoTech's completion of due diligence by 30 December 2010, MIL's shareholder approval and Australian regulatory approvals, SinoTech (or its subsidiary) will acquire 30% shares in MIL at a fixed price of A$0.034 per share, raising A$5 million.
SinoTech may earn up to 50% in any or all of MIL's projects in PNG through funding exploration expenditure. SinoTech may then earn up to 70% of the project by fully sole funding a feasibility study.
SinoTech is a Chinese exploration company focusing on mineral exploration, mine development and geological services. SinoTech has achieved great success in its overseas exploration and investment. It has investment in Canaco Resources Inc.(
CVE:CAN) (PINK:CANWF) who has discovered a new gold belt in Tanzania.| Tweet |
|
||
|
 |
Related Companies |
>>>    Canaco Resources Inc.>>>      MIL Resources Limited |
| |
Related Industry Topics: |
Metals | Financial General | Materials General | Mining | Australian Economy | Gold | Copper | Nickel | Molybdenum | |
| |
This Page Viewed: (Last 7 Days: 130) (Last 30 Days: 710) (Since Published: 20980) |
(46150)
Events & Exhibitions
|
Site Search
| ENGLISH All Languages |
Upcoming WebCasts
 | Mr Mark Paton CEO Cue Energy Resources Tuesday, June 12, 2012 |
 | Mr Alan Hopkins CEO Pan Asia Corporation Tuesday, June 12, 2012 |
 | Mr Barry Dawes Martin Place Securities Tuesday, June 12, 2012 |
 | Dr Andrea Grant CEO Living Cell Technologies Monday, July 02, 2012 |
Companies in the News
Mobile Video TV
|
||
|
||
){kind=link}