Padbury and Aurium have agreed to extend the exclusivity period by 30 days, which will enable those discussions to continue.
The terms of any merger have not yet been agreed and will be discussed as part of the ongoing negotiations. Shareholders should not assume this process will necessarily lead to a successful merger outcome which, in any event, will be subject to all necessary approvals.
About Padbury Mining Limited
Padbury Mining Limited (ASX:PDY) is a Perth-based, ASX-listed mineral exploration company focused on the development of its significant iron ore assets in Western Australia's Mid West region.
The company's flagship Peak Hill Iron Joint Venture is a highly prospective magnetite and hematite iron ore project located at Robison Range, about 450km north east of Geraldton.
The Company has a solid program of work planned to develop the Peak Hill project over the next three years, with production targeted for 2015-2016.
Padbury Mining Limited
Aurium Resources Limited