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Distributed: Jan 17, 2012

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Sydney, Jan 17, 2012 (ABN Newswire) - Padbury Mining Padbury Mining Ltd (ASX:PDY) announced that Padbury and Aurium Resources Ltd (ASX:AGU) had entered into formal, good faith negotiations on a possible merger between the two companies. The agreement governing the negotiations provided for a 60 day exclusivity period.

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.


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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.

Contact

Gary Stokes
Managing Director
Padbury Mining Limited
Tel: +61-8-6460-0250
Fax: +61-8-6460-0254
http://www.padburymining.com.au


  Related Companies

>>>              Aurium Resources Limited
>>>              Padbury Mining Limited

  Related Industry Topics:

Metals | Financial General | Materials General | Mining | Iron Ore | 

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