Perth, Nov 30, 2011 (ABN Newswire) - Further to the announcement on 13th May 2011 that Dynasty Metals Australia Limited (ASX:DMA) ("the Company") had reached a JV agreement with China Coal Geology Engineering Corporation ("CCGEC") for Dynasty to farm-out its non-core base metal tenements, the Company is pleased to advise that CCGEC has received approval from the Foreign Investment Review Board (FIRB) allowing the JV to be able to proceed. Formalities are expected to be completed shortly.
This is a further step to enable the Company to focus on its flagship iron ore project in Pilbara.
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.
Michael van Uffelen CFO and Company Secretary Dynasty Metals Australia Limited Ph: +61-8-9426-8999 Fax: +61-8-9426-8900 Email: firstname.lastname@example.org http://www.dynastymetals.com.au