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Sydney, May 13, 2011 (ABN Newswire) - Dynasty Metals Australia Limited (
ASX:DMA) is pleased to advice it has taken the next steps on its path to focus on its Pilbara iron ore tenements by agreeing a farm-out of its non-core base metal tenements (other than the Irwin River coal seam gas tenements) with China Coal Geology Engineering Corporation ("CCGEC").
Under the agreement with CCGEC and its associates, Dynasty will transfer its non-core base metal tenements into a separate legal entity and CCGEC will invest A$2m for a 60% equity interest, with the option of increasing this interest by 20% by investing a further A$750,000 within a three year period.
The deal is subject to legal and regulatory approvals.
ASX:DMA) is pleased to advice it has taken the next steps on its path to focus on its Pilbara iron ore tenements by agreeing a farm-out of its non-core base metal tenements (other than the Irwin River coal seam gas tenements) with China Coal Geology Engineering Corporation ("CCGEC").Under the agreement with CCGEC and its associates, Dynasty will transfer its non-core base metal tenements into a separate legal entity and CCGEC will invest A$2m for a 60% equity interest, with the option of increasing this interest by 20% by investing a further A$750,000 within a three year period.
The deal is subject to legal and regulatory approvals.
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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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