Shenzhen Review to Include Ancuabe
Perth, June 2, 2015 AEST (ABN Newswire) - Triton Minerals Ltd (
ASX:TON) (Triton or Company) refers to the previous announcement made by the Company on 27 April 2015, about the formal signing of a letter of intent (LOI) with Chinese equity firm and resources trading house, Shenzhen Qianhai Zhongjin Group Co., Ltd (SQZG).
Under the terms of the LOI, SQZG agreed to provide funding of up to US$200 million (A$255m) to build and develop a graphite concentrate operation with initial capacity to produce up to 200,000 tonnes of graphite concentrate per year from Nicanda Hill, the world's largest known graphite and vanadium project.
SQZG has subsequently received inquiries from Ministry of Commerce (MOC) & Ministry of Land and Resources (MLR) of the People's Republic of China about Triton's graphite projects and as such SQZG considers TMG to potentially be of strategic importance for China.
As a result of the queries from the MOC and MLR, SQZG considers the Ancuabe graphite project could also hold additional significant strategic value and wishes to include the Ancuabe project in the scope of their due diligence program. A positive outcome from this expanded due diligence process may allow Triton to access additional capital from SQZG to develop the Ancuabe graphite project.
SQZG has noted that, with the continued encouraging metallurgical results being obtained from the Ancuabe and Nicanda graphite projects and the potential strategic value of the projects, SQZG have now sought an extension to the due diligence period of the LOI, for up to six months to incorporate a formal review of the Ancuabe graphite project.
The request from SQZG only relates to extending the due diligence period, all other terms of the LOI remain unchanged. The extension of the due diligence period will allow Triton sufficient time to obtain initial drilling, additional assay and metallurgical results from the Ancuabe graphite project.
Triton considers this request for the extension of the due diligence period by SQZG to be a positive development and to be an appropriate course of action in order for them to complete a more detailed review. The request confirms that SQZG has acknowledged the continued encouraging results being generated by Triton at both Mozambique graphite projects and the potential for the market leading quality of the TMG products.
Further, this request has also highlighted the potential strategic significance of Triton's graphite for China and elsewhere, and further justifies the rapid development of Triton's Mozambique graphite projects to meet the growing global demand for high quality graphite products.
Triton looks forward to providing further updates on the progress of the definitive feasibility study (DFS), exploration and drilling activities at both the Nicanda Hill and Ancuabe graphite projects.
About Triton Minerals Ltd
Triton Minerals Limited (ASX:TON) is an ASX listed, responsible mineral explorer and resource management company headquartered in Perth, Australia.
Led by a highly experienced management team, Triton Minerals' vision is to grow shareholder's value through discovery or development of base metal, gold and other precious metal deposits.
Triton has made excellent progress with its three Graphite projects located in the Cabo Delgado Province in Mozambique, with the program successfully identifying a number of graphitic exposures.
It is the Company's belief that the Mozambique, Balama North Project could host multiple and very substantial world class graphite deposits.
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