Wiluna Mining Corporation Ltd Stock Market Press Releases and Company Profile
Blackham Resources Limited (ASX:BLK) Receives Unsolicited Offer for Scaddan Coal Project
Blackham Resources Limited (ASX:BLK) Receives Unsolicited Offer for Scaddan Coal Project

Perth, Sep 21, 2011 AEST (ABN Newswire) - Blackham Resources Limited (googlechartASX:BLK) has received an unsolicited offer for its interest in the Scaddan Coal Project, in Western Australia. The Interested Party has made an offer to acquire Blackham's 70% legal and beneficial interest in the Scaddan Energy Joint Venture (Scaddan Coal Project) and related assets.

The Interested Party has offered to:

(a) pay the consideration of A$15,000,000 in cash on completion; and

(b) grant to Scaddan Energy a royalty at the rate of AU$0.50 per tonne of product mined and delivered from a mining operation on the Scaddan Coal Project to the run of mine ore pad.

The Scaddan Coal Project is governed by the Scaddan Energy Joint Venture which was established pursuant to an agreement (JV Agreement) between Scaddan Energy Pty Ltd ("SEPL" - a wholly owned subsidiary of Blackham) and Wesfarmers Premier Coal Limited (WPC) executed on 16 January 2008, as amended on 13 February 2009 and with the rights and obligations of WPC subsequently novated to Wesfarmers Resources Limited (Wesfarmers Resources) pursuant to a deed of novation dated 24 March 2011.

Blackham has not accepted the offer for the Scaddan Coal Project and the Blackham Board is currently evaluating the offer and its obligations under the Scaddan Energy Joint Venture.

Any sale of Blackham's interest in the Scaddan Coal Project by Blackham will require execution of the Sale and Purchase Agreement with the Interested Party and the following Conditions Precedents being satisfied:

1. Blackham's shareholders to approve the sale under ASX listing rule 11.2, and any other regulatory approval required.

2. Blackham obtains ministerial approval for the transfer of its interests in the Scaddan mining leases

3. Interested Party to obtain FIRB approval for the sale, if required.

Blackham has not made any commitment to exclusively negotiate with the Interested Party but has committed to reimburse the Interested Party's costs and expenses should Blackham sell its interest in the Scaddan Coal Project within 6 months of this offer, to another party. The Board considers $1.5 million dollars as an appropriate reimbursement cost and has agreed this amount with the Interested Party. This does not create any obligation on Blackham to commit to the sale if Blackham chooses not to accept the Interested Party's offer or to pay the agreed reimbursement cost if Blackham chooses not proceed with selling its interest in the Scaddan Coal Project.

Blackham is continuing discussions with a number of interested parties regarding the Scaddan Coal project and is seeking advice from its advisors on the offer received.

About Wiluna Mining Corporation Ltd

Wiluna Mining Corporation LtdWiluna Mining Corporation (ASX:WMC) (OTCMKTS:WMXCF)  is a Perth based, ASX listed gold mining company that controls over 1,600 square kilometres of the Yilgarn Craton in the Northern Goldfields of WA. The Yilgarn Craton has a historic and current gold endowment of over 380 million ounces, making it one of most prolific gold regions in the world. The Company owns 100% of the Wiluna Gold Operation which has a defined resource of 8.04M oz at 1.67 g/t au. In May 2019, a new highly skilled management team took control of the Company with a clear plan to leverage the Wiluna Gold Operation's multi-million-ounce potential.

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Contact

Bryan Dixon
Managing Director
Blackham Resources
T: +61-8-9322-6418

Tony Dawe
Professional Public Relations
T: +61-8-9388-0944



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