Richmond Vanadium Project JV Agreement Complete
The Company is pleased to advise that it has now executed the formal Joint Venture Agreement ("JVA") and issued 3,416,666 fully paid ordinary shares in the Company at an issue price of $0.12 per share after receiving the Part 2 payment of $410,000 pursuant to the terms of the Joint Venture.
In addition, AXF has been issued 1,791,666 options (1:2) with an exercise price of 17 cents and expiry date of 31 August 2018.
Commenting on the Joint Venture, Intermin's Managing Director, Mr Jon Price said:
"With the current excitement around the use of Vanadium redox batteries for the growing energy storage market, we look forward to working with our JV Partners on the Richmond Project to unlock the potential of this very large resource".
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About Intermin Resources Limited
Intermin Resources Limited (ASX:IRC) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.
Intermin is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.
Intermin has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.
Intermin Resources Limited