ABN Newswire http://www.abnnewswire.net Sun, 26 May 2013 09:12:47 newsroom@abnnewswire.net newsroom@abnnewswire.net 60 <![CDATA[ MEC Resources Limited (ASX:MMR) Advent Energy - Bonaparte Basin Airborne Survey ]]> en75238 Y http://www.abnnewswire.net/press/en/75238/ Fri, 24 May 2013 14:32:44 GMT MEC Resources Limited (ASX:MMR) is pleased to advise that the previously announced (29 January 2013) airborne geophysical survey in the onshore Bonaparte Basin has concluded.

The survey covered a portion of EP386 and all of RL1 held by investee Advent Energy Ltd ("Advent"). Under the data sharing agreement with survey operator Beach Energy, Advent will also receive data over an intervening area between EP386 and RL1.

The integration of the newly acquired airborne geophysical data with existing seismic data will allow Advent to refine existing drilling targets within each of RL1 (incorporating the Weaber Gas Field) and EP386.

Advent's 100% interests in EP386 and nearby RL1 are held by wholly owned subsidiary Onshore Energy Pty Ltd. Advent's major shareholders remain MEC Resources (ASX:MMR), BPH Energy (ASX:BPH), Talbot Group and Grandbridge (ASX:GBA).

MEC Resources Limited
T: (08) 9328 8477
F: (08) 9328 8733
WWW: www.mecresources.com.au

]]> newsroom@abnnewswire.net <![CDATA[ Rum Jungle Resources Limited (ASX:RUM) Increases and Improves its Offer for Central Australian Phosphate Limited (ASX:CEN) ]]> en75237 Y http://www.abnnewswire.net/press/en/75237/ Fri, 24 May 2013 14:23:26 GMT Rum Jungle Resources Limited (ASX:RUM) is pleased to announce that it is increasing its Offer for Central Australian Phosphate Limited (ASX:CEN) to 1 cent per CEN share plus 1 RUM share for every 13 CEN shares.

Offer increased to 1 cent per CEN share plus 1 RUM share for every 13 CEN shares(Note:1)
- Offer implies a value of approximately $17m for CEN and 2.88 cents per CEN share(Note:2)
- The Offer is within the valuation range assessed by CEN's independent expert
- CEN shareholders will receive approximately 15.9% of the combined company (in addition to 1 cent per CEN share)

Rum Jungle Resources will free its Offer of all conditions(Note:3) if: (a) it receives acceptances representing 50% of CEN's shares on issue by no later than 7pm (Melbourne time) Wednesday 19 June 2013; and (b) there are no breaches of any conditions of the Offer before that time (other than those breaches of which Rum Jungle Resources is presently aware(Note:4)

Central Australian Phosphate shareholders with queries can call the Offer Information Line on 1800 810 891 (For callers in Australia) or +61 2 8256 3353 (for callers outside of Australia)

In Rum Jungle Resources' opinion, the proposed joint venture agreement with Monument Mining Limited (Monument) is significantly inferior to Rum Jungle Resources' Offer.

Based on CEN's announcement of 15 May 2013 concerning the proposed joint venture with Monument, Rum Jungle Resources considers the joint venture will effectively transfer management and control of CEN's Arganara, Lucy Creek and Warrabri phosphate projects to Monument for just $4m.

The proposed joint venture allows Monument to implement its own manager of the project(Note:5) and facilitates CEN's board remaining in place. It appears to provide Monument with the right (but no obligation) to contribute a further $4.8m over 4½ years to increase its interest in these phosphate projects to 51%.

Rum Jungle Resources believes it is better placed to move to production in the Northern Territory quicker than either CEN or Monument. The development of its Northern Territory resource is Rum Jungle Resources primary focus.

In contrast, Monument is a Canadian listed gold explorer and producer and does not have any operations in Australia, nor any expertise in the Northern Territory. Under the proposed joint venture agreement, Monument is obliged to spend no more than $4m.

Notes

1 One RUM share for every 13 CEN shares equates to approximately 0.0769 RUM shares for every CEN share.
2 Implied Offer value is calculated on the basis of the Preferred Value of $0.245 per RUM share ascribed by the independent expert appointed by CEN to opine on the Offer.
3 The conditions are set out in clause 11.1 of the Offer Terms (see Appendix A of Rum Jungle Resources' Bidder's Statement).
4 If Rum Jungle Resources receives acceptances representing 50% of CEN's shares on issue by no later than 7pm (Melbourne time) Wednesday 19 June 2013, Rum Jungle Resources will waive any breach arising from CEN having entered into the heads of agreement with Monument as announced on 15 May 2013 and any liabilities incurred before the date of this announcement in relation to the appointment of CEN's takeover advisers, being the all the breaches of which Rum Jungle Resources is presently aware.
5 After consulting with CEN.

A comparison of Rum Jungle Resources and Monument and their respective proposals can be found at the following link:
http://media.abnnewswire.net/media/en/docs/ASX-RUM-390134.pdf

Rum Jungle Resources Limited
T: +61-8-8942-0385
F: +61-8-8942-0318
WWW: www.rumjungleresources.com.au

]]> newsroom@abnnewswire.net <![CDATA[ Avalon Rare Metals Inc. (TSE:AVL)(NYSE Amex:AVL) Announces Senior Management Changes ]]> en75234 Y http://www.abnnewswire.net/press/en/75234/ Fri, 24 May 2013 08:32:50 GMT Avalon Rare Metals Inc. (TSE:AVL)(NYSE Amex:AVL)(NYSE MKT:AVL) announces the following senior management changes.

Mr. Brian Chandler, Senior Vice President and Chief Operating Officer will be leaving the Company at the end of this month. Mr. Dave Marsh, FAusIMM (CP), Avalon's Senior Vice President, Metallurgy, will assume the responsibilities of Chief Operating Officer on an interim basis. Mr. Marsh has over 30 years of experience in the metallurgical and mineral processing industries. He has also managed engineering design, project teams, feasibility studies and project implementation with large EPCM (Engineering, Procurement, Construction and Management) companies, and is well qualified to lead the operations team through Avalon's next phase of development.

In addition, Mr. David Swisher, Vice-President, Operations has left the Company to pursue other career opportunities. Mr. Swisher's duties will be primarily assumed in the interim by Mr. Gerry Leipert, Avalon's Senior Project Manager.

Both Mr. Chandler and Mr. Swisher were instrumental in the preparation of the positive feasibility study on the Nechalacho Rare Earth Elements Project announced last month. (News Release of April 17, 2013: http://tinyurl.com/pha3sgt )

Don Bubar, President and CEO stated, "Brian and David's commitment to the successful execution of the Nechalacho Project was critical to the timely completion of the Feasibility Study. Brian also provided the leadership needed to instill a culture of health and safety throughout the operations team."

It is anticipated that Mr. Chandler will remain a member of the Company's Technical Advisory Committee, and provide other part-time consulting services to the Company as required.

Shares Outstanding: 103,796,986. Cash resources: approximately $15 million.

Avalon Rare Metals Inc.
Communications and Investor Relations
Ron Malashewski, Manager
T: +1-416-364-4938
F: +1-416-364-5162
E: malashewski@avalonraremetals.com
WWW: www.avalonraremetals.com

]]> newsroom@abnnewswire.net <![CDATA[ Archer Exploration Limited (ASX:AXE) High Grade Graphite at Campoona Central Bolsters Project ]]> en75235 Y http://www.abnnewswire.net/press/en/75235/ Fri, 24 May 2013 08:28:36 GMT Archer Exploration Limited (ASX:AXE) (FRA:38A) is pleased to announce that RC drilling at Campoona Central has confirmed the presence of graphite similar to the highly graphitic schist at Campoona Shaft and at widths amenable to mining. Campoona Central is located about 2.8km immediately to the SW of the Campoona Shaft Resource.

1. Drilling at Campoona Central intersected significant graphite intervals including:

34m @ 10.7% TGC from 19m in hole CSRC13_002
25m @ 12.6% TGC from 24m in hole CSRC13_003
25m @ 12.8% TGC from 12m in hole CSRC12_026
24m @ 16.4% TGC from 18m in hole CSRC13_032
17m @ 17.4% TGC from 48m in hole CSRC13_004
16m @ 15.2% TGC from 27m in hole CSRC13_025

2. Regional drilling identified three further graphitic schist occurrences with similar geology to Campoona Central and Campoona Shaft.

A total of 42 holes totalling 1.937m were completed, with the average vertical depth below surface being approximately 45m. All holes had collars surveyed, with down hole surveys being taken to record any deviations. Standard QAQC techniques were also applied to facilitate future resource estimation. A comprehensive suite of samples has been collected for metallurgical testing.

Table 1 below provides all significant graphite intervals from the Campoona Central drilling. Most of the significant intercepts are from the northern part of the area. Towards the south the graphite pinches and swells over shorter strike distances and is dislocated by a series of short scale fault offsets.

Table 1. Significant graphite intervals from Campoona Central
------------------------------------------------------
Hole ID    Depth From(m) Depth To(m) Interval(m) % TGC
------------------------------------------------------
CSRC13_001     42           52          10         8.3         
CSRC13_002     19           53          34         10.7
CSRC13_003     24           50          25         12.6
CSRC13_004     48           66          17         17.4
CSRC13_006     28           39          11         12.4
CSRC13_007     53           61          7          4.0
CSRC13_013     10           31          21         3.5
CSRC13_014     24           31          7          7.1
CSRC13_017     22           29          7          5.5
CSRC13_018     62           72          10         3.7
CSRC13_020     0            10          10         2.5
CSRC13_024     9            24          15         13.3
CSRC13_025     27           43          16         15.2
CSRC13_026     12           37          25         12.8
CSRC13_027     15           23          8          10.3
CSRC13_029     10           21          11         8.0
CSRC13_030#    0            52          52         13.6
CSRC13_031     13           15          2          7.7
CSRC13_032     18           42          24         16.4
CSRC13_033     4            10          6          8.4
CSRC13_039     3            8           5          8.5
CSRC13_042     41           55          14         19.2
--------------------------------------------------------
# CSRC13_030 was drilled down the dip of the graphite to 
collect metallurgical samples representing the weathering 
changes of the orebody.
The sections below are the first (most northern) sections drilled. Each section is roughly 100m apart.

Regional Graphite

A total of 59 holes for 3,656m were completed to test regional EM sigantures. The drilling successfully identified three new graphitic schist horizons similar to the Campoona Shaft and Campoona Central deposits as well as intersecting high grade graphitic gneiss at Campoona Shaft.

Table 2. Significant Regional graphite intercepts
-------------------------------------------------------------------
Hole ID      Depth   Depth Interval %TGC   Host            Location
             From(m) To(m)   (m)     
-------------------------------------------------------------------
WHPRC13_002   39      45      6     12.6  Graphitic schist Camp _south
WHPRC13_003   0       6       6     7.8   Graphitic schist Camp _south
WHPRC13_012   71      84      13    9.6   Graphitic gneiss Camp_shaft
WHPRC13_024   8       17      9     8.1   Graphitic schist Camp_east
WHPRC13_032   30      38      8     10.9  Graphitic schist Camp_north
--------------------------------------------------------------------
In addition to the high grade graphite intercepts, holes CSRC13_009; CSRC13_026; CSRC13_028; CSRC13_031; CSRC13_039; CSRC13_040 and CSRC13_041 (refer Figures 3 & 4 in link below) all recorded graphite intervals of less than 5% TGC however all will require follow up to determine the potential for Campoona-style graphite mineralisation.

Epithermal

A total of 187m were drilled in 3 holes to close off sections previously drilled. Prominent alteration consisted of stylolites veins and breccias. Anomalous low gold values (<0.1g/t Au) are being re-assayed to determine refractory potential.

Salt Creek

Three holes were drilled for a total of 201 drill metres to test for synformal deposition of manganese. No significant manganese was intersected.

To view diagrams and figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-AXE-736944.pdf

Archer Exploration Limited
T: +61-8-8272-3288
WWW: www.archerexploration.com.au

]]> newsroom@abnnewswire.net <![CDATA[ Peak Resources Limited (ASX:PEK) Produces First High Purity Rare Earth Products ]]> en75227 Y http://www.abnnewswire.net/press/en/75227/ Wed, 22 May 2013 08:27:39 GMT Peak Resources Limited (ASX:PEK) (OTCQX:PKRLY) is rapidly progressing the development of its 100% owned Ngualla Rare Earth Project in Tanzania. Ngualla is on track to become the next major rare earth supplier with high grade mineralisation and a simple, proven metallurgical process supporting a low cost operation.

Peak is pleased to announce the completion of a significant milestone with the production of two refined rare earth products at ANSTO Minerals (Australian Nuclear Science and Technology Organisation) that are in saleable form and available for evaluation by target customers.

The work includes the first of four separated high purity rare earth oxide products from the Solvent Extraction (SX) Pilot Plant now in operation at ANSTO.

Highlights:

The rare earth products completed to date are:

- - An ultra-high purity (99.9%)* mid and heavy rare earth oxide (M+HREO)
- - A high purity (>99%) rare earth carbonate with a grade of 56% REO

These samples are now available for evaluation by target customers The SX Pilot Plant work is progressing well with three additional separated rare earth oxide samples to be produced successively over the coming months. A high purity didymium oxide (a neodymium - praseodymium mix) sample is expected in June, followed by cerium oxide and finally a lanthanum oxide.

*Assays by weight excluding water and volatiles (LOI)

The successful production of a separated high purity rare earth oxide from a bulk sample of mineralisation places Ngualla amongst a select few projects to have achieved this milestone. The ability to produce separated high purity rare earth oxide adds significant value to the project and allows access to wider markets for Ngualla's products.

Peak's Chairman, Alastair Hunter said "The successful production of these products of such high quality is an achievement very few other companies have made and we are hopeful they will exceed the expectations of any future off take customers. This work is well within the required specifications and demonstrates Peak's commitment to drive the development of the Ngualla Project forward."

Technical Report

Two high purity rare earth products have been produced at ANSTO Minerals from a 1.3 tonne bulk sample of weathered Bastnaesite Zone mineralisation from Ngualla using the simple sulphuric acid leach recovery process:

1. The first of four separated products - a mid and heavy rare earth oxide mix (M+HREO) - has been produced by the SX Pilot Plant currently in operation.
2. A high purity rare earth carbonate has also been precipitated from the feed chloride solution and assayed.

Both samples are available for assessment by potential off take customers.

Mid and Heavy Rare Earth Oxide

The SX Pilot Plant has successfully produced its first product - an ultra-high grade mid and heavy rare earth oxide. With a purity of 99.9% REO this product (Photo 1, Table 1 in link below) is expected to exceed the requirements of off take customers.

This product is a mix of samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, lutetium and yttrium as oxides. This high value M+HREO product is expected to contribute approximately 23% of the total value of Ngualla's rare earth production as defined by the December 2012 Scoping Study (Table 2 in link below).

As Table 2 illustrates, the value drivers for Ngualla are the Nd/Pr Oxide and Mid+Heavy high purity oxide products. These include the higher value 'Critical RE's' forecast to be in undersupply. 75% of the projected annual revenue (December 2012 Scoping Study) will be derived from the two high purity products. The lower value cerium and lanthanum oxides are relative by-products at only 25% of the total revenue.

The SX Pilot Plant work is progressing well with three additional separated rare earth oxide samples to be produced successively over the coming months. A high purity didymium oxide (a neodymium/praseodymium oxide mix) product is scheduled in June, to be followed by lanthanum oxide and finally a cerium oxide product.

Rare Earth Carbonate

Following the successful verification of the acid leach recovery process at ANSTO (ASX announcement 13th March 2013), a high purity mixed rare earth carbonate has been produced (Photo 2). The carbonate was precipitated directly from the rare earth chloride solution (Figure 1) used as the feed for the SX Pilot Plant which was produced from a bulk sample of Ngualla mineralisation.

Assay results of this carbonate (Table 3) have now been received and indicate a high purity (>99%) rare earth carbonate with a rare earth content of 56% REO and less than 1% impurity metals present. Most importantly, the radioactive elements, thorium and uranium, are extremely low, being below detection limits.

The Pre-Feasibility Study now in progress will assess the potential benefits of locating the beneficiation and acid leach recovery process units (Figure 1) at the Ngualla mine site and the solvent extraction separation plant located off site, closer to infrastructure, utility and port facilities. In this case, an intermediate mixed rare earth carbonate concentrate would be produced on site at Ngualla to be efficiently transported in this inert, high purity form to the solvent extraction plant for the production of the separated rare earth oxides. The purity of the carbonate and absence of radioactive elements indicate that no special permits will be required for the handling or transportation of this intermediate product from Ngualla to the separation plant.

Peak also retains the option to sell some of this high purity rare earth carbonate product directly to a third party for separation and samples are available for evaluation by potential customers.

About the Ngualla Rare Earth Project:

The Ngualla Rare Earth Project in Tanzania is a recent discovery and is the highest grade of the large undeveloped rare earth deposits.

Fundamental geological aspects of the central Bastnaesite Zone targeted for first production offer distinct advantages for development over other rare earth projects. These include the large size of the deposit, outcropping, high grade mineralisation suitable to open cut mining with low strip ratios, favourable mineralogy amenable to a simple, low cost processing route and the lowest uranium and thorium levels of any major rare earth deposit in the world.

The favourable characteristics are reflected in the outcomes of the Scoping Study and preliminary economic assessment released on 3rd December 2012, which defined very low capital and operating costs compared to other rare earth projects.

Ngualla is a leading rare earth project with an estimated NPV of US$1.57 billion and pre-tax IRR of 53% for an initial 25 years production and an average grade of 4.35% REO (refer ASX release dated 3rd December 2012).

An update to the December 2012 Scoping Study is nearing completion and will incorporate enhanced beneficiation processes from recent test work and a revised mining schedule based on the new, higher grade and increased resource model completed in April 2013.

Peak is moving forward with discussions to finalise a binding agreement with a strategic partner that is anticipated to see Ngualla fully funded through to production.

The Company continues to fast track the development of Ngualla with the aim of becoming a low cost, long term producer of high purity rare earth oxide products in 2016.

For tables, photos and diagrams, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-PEK-636310.pdf

Peak Resources Limited
T: +61-8-9200-5360
F: +61-8-9226-3831
WWW: www.peakresources.com.au

]]> newsroom@abnnewswire.net <![CDATA[ Toro Energy Limited (ASX:TOE) Toro Farms Out Potash Stake in Lake Mackay Region of WA ]]> en75217 Y http://www.abnnewswire.net/press/en/75217/ Tue, 21 May 2013 09:59:31 GMT Uranium developer, Toro Energy Limited (ASX:TOE) (OTCMKTS:TOEYF) is pleased to announce the Company has signed a binding Heads of Agreement ("HoA") with Rum Jungle Resources Ltd (ASX:RUM) in which Rum will farm into Toro's rights for potash and related evaporite minerals over Lake Mackay, on the Northern Territory-Western Australia border.

The agreement covers the lake surface within four primarily uranium prospective Exploration Licenses (E80/3484, 3485, 3486 and 3519), covering 420 square kilometres (Figure 1 in link below).

Toro's previous shallow drilling has confirmed the presence of brine in the lake subsurface, with potassium, magnesium and sulphur concentrations similar to other potash brine systems in central Australia and overseas. Rum's objective is to drill deeper to assess the potential for a sustainable potash resource.

The key terms of the farm out as set out in a formal HoA are:

- Rum to spend a minimum of $250,000 in Year 1, drilling the lake to earn a 51% interest in Lake Mackay's potash and other evaporite minerals. Toro can then elect to contribute pro rata to further exploration or;

- Rum to spend a further $750,000 in Years 2 and 3 to increase its interest to 80%, at which point Toro can elect to maintain its 20% interest and contribute to further expenditure.

- If either party dilutes below 5%, their interest will be converted to a 2% royalty.

- Toro will retain all other mineral rights, including uranium.

- The agreement is subject to execution of formal joint venture agreements and carrying out due diligence.

Toro Managing Director, Dr Vanessa Guthrie, said today the HoA would allow the exploration momentum to be continued at Lake Mackay in a manner which provided some capital efficiency to Toro over the tenements. This is consistent with Toro's strategy of developing a pipeline of highly prospective uranium exploration tenements to support the company's growth strategy.

To view the location map, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-TOE-736323.pdf

Toro Energy Limited
T: +61-8-8132-5600
F: +61-8-8362-6655
WWW: www.toroenergy.com.au

]]> newsroom@abnnewswire.net <![CDATA[ Rum Jungle Resources Limited (ASX:RUM) Lake Mackay Joint Venture Signed with Toro Energy (ASX:TOE) ]]> en75215 Y http://www.abnnewswire.net/press/en/75215/ Tue, 21 May 2013 09:58:25 GMT Rum Jungle Resources Ltd (ASX:RUM) is pleased to announce that it has signed a binding Heads of Agreement with Toro Energy Ltd (ASX:TOE) (OTCMKTS:TOEYF) to explore for potash and related evaporate minerals contained within lake brines on the southern section of the vast area of Lake Mackay in W.A. The four Exploration Licenses (E80/3484, E80/3485, E80/3486 and E80/3519) cover over 400 square kilometres of lake surface.

Previous shallow drilling by Toro to one meter depth has confirmed recovery of brine in the lake subsurface with contents of potassium, magnesium and sulphur similar to other potash rich brine systems in the area and overseas. The brine has the potential to produce schoenite, epsonite and sulphate of potash, similar to Rum's Karinga Lakes Project in the NT.

Rum's recently acquired Lake Hopkins project is strategically located between Lake Mackay and the Karinga Lakes Project (See figure 2 in link below), should the possibility of linking up any brine resources exist.

Toro enjoys a good working relationship with aboriginal land owners and have a land access agreement in place which will allow Rum to access the lake in the current field season and drill sufficient deeper holes, which have been approved, to determine a maiden resource within the Toro tenements.

Terms of the Joint Venture are as follows:

1. Rum to spend a minimum $250,000 in Year 1 drilling the lake and estimating a maiden resource to earn a 51% interest in the potash minerals. Toro can elect to contribute pro rata to further exploration,or;

2. Rum to spend another $750,000 in years 2 and 3 to increase interest to 80% at which point Toro can elect to hold its 20% interest and contribute to further expenditure.

3. If either party dilute below 5% their interest will be converted to a 2% royalty.

4. Toro will retain all uranium rights.

5. The agreement is subject to Rum preparing formal agreements and carrying out due diligence within 30 days.

To view location maps and figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-RUM-389928.pdf

Rum Jungle Resources Limited
T: +61-8-8942-0385
F: +61-8-8942-0318
WWW: www.rumjungleresources.com.au

]]> newsroom@abnnewswire.net <![CDATA[ Investigator Resources (ASX:IVR) Presentation at Australia China Minerals Investment Summit, Darwin 21 -23 May 2013 ]]> en75221 Y http://www.abnnewswire.net/press/en/75221/ Tue, 21 May 2013 09:50:39 GMT Investigator Resources (ASX:IVR) is an exploration company that is focussing on making greenfields Silver and Copper discoveries in South Australia with the objective of becoming a producer in a few years.

For the past year Investigator has been drilling the Paris Silver Prospect, discovered in late 2011, with the aim of announcing a maiden resource estimate in the September quarter of 2013. Investigator is undertaking an aggressive and on-going exploration program capitalising on their new opportunities and good funding position.

The drilling programs in the September quarter have a high potential to make more silver discoveries and show new copper potential in the tenements.

To view the Presentation given to the Australia China Minerals Investment Summit, in Darwin by Managing Director, Mr John Anderson, please visit:

http://media.abnnewswire.net/media/en/docs/75221-asx-ivr-201305.pdf

Mr John Anderson
Managing Director
Investigator Resources Limited
Phone: +61-7-3870-0357

]]> newsroom@abnnewswire.net <![CDATA[ Bauxite Resources Limited (ASX:BAU) Commencement of New Chief Executive Officer ]]> en75210 Y http://www.abnnewswire.net/press/en/75210/ Mon, 20 May 2013 13:39:41 GMT Bauxite Resources Ltd (ASX:BAU) refers to its announcement of 11 February 2013 regarding the appointment of Mr Peter Canterbury as Executive Director and Chief Executive Officer of the Company and advises he has commenced employment today.

The Chairman Barry Carbon welcomed the arrival of Mr Canterbury and paid tribute to Sam Middlemas who was appointed Acting CEO whilst awaiting the arrival of Mr Canterbury.

To View the Full Remuneration release, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-BAU-636125.pdf

Bauxite Resources Limited
T: +61-8-9200-8200
F: +61-8-9200-8299
WWW: www.bauxiteresources.com.au

]]> newsroom@abnnewswire.net <![CDATA[ Minotaur Exploration Limited (ASX:MEP) Acquires Scotia Tenements from Breakaway ]]> en75208 Y http://www.abnnewswire.net/press/en/75208/ Mon, 20 May 2013 09:51:37 GMT Minotaur Exploration Ltd (ASX:MEP) and its wholly-owned subsidiary Minotaur Gold Solutions Ltd ('MinSol') have entered into a binding Sale and Purchase Deed ('Purchase Agreement') with Breakaway Resources Ltd (ASX:BRW) and its wholly owned subsidiary Scotia Nickel Pty Ltd ('Scotia Nickel') to acquire 14 tenements in Western Australia ('Scotia tenements').

The Scotia tenements cover approximately 160km2 located about 65km north of Kalgoorlie, where Aphrodite Gold Limited (ASX:AQQ) is earning a joint venture interest of up to 80% in the gold rights and is required to keep all tenements in good standing. The Purchase Agreement provides for MinSol to purchase Scotia Nickel's interest in the joint venture and the Scotia tenements for total consideration of $600,000 (plus GST) payable in cash on completion. The Purchase Agreement is conditional on Aphrodite not exercising its pre-emptive right to purchase Scotia's interest in the joint venture.

Upon transfer of the Scotia tenements and the joint venture interest, MinSol will acquire:
- 100% of the right to all minerals other than gold , and
- the right to no less than 20% of gold deposits which will be free carried unless and until a decision to mine any gold deposit is made. If a decision to mine is made, MinSol may elect to forego its interest in the gold mining area in consideration for receiving a royalty of 1.5% of the gold net smelter return.

Two of the Scotia tenements (M24/279 and M24/336) are the subject of an overriding obligation to pay to St Ives Gold Mining Company Pty Ltd and Agnew Gold Mining Company Pty Ltd a royalty of $1.20 per dry tonne of ore milled from any gold mining operation.

A further condition to completion of the Purchase Agreement is that each of Norilsk Nickel Australia Pty Ltd and Norilsk Nickel Avalon Pty Ltd must agree to convert certain rights over seven of the Scotia tenements into a 2.5% net smelter royalty on production of nickel, copper and platinum group elements (PGE) from the tenements.

Completion of the Purchase Agreement is also subject to ministerial consent to transfer of the Scotia tenements.

Minotaur considers the Scotia purchase to be a foundation step in its assembly of mineral prospective ground in WA and is specifically attracted by the gold potential at Chameleon and elsewhere on the tenements and its location proximal to AQQ's Aphrodite Gold Project.

Gold intercepts reported by AQQ from drilling at Chameleon have included 12m @ 10.99g/t (66-78m, Hole CHR0001), 6m @ 4.48g/t (92-98m, Hole CHR0016) and 11m @ 2.05g/t Au (129-140m, Hole 0002). Excellent historic gold intercepts have also been achieved at Chameleon including 34m @ 3.59g/t from 124 metres, 22m @ 5.43g/t from 150 metres and 8m @ 3.39g/t from 202 metres. Further information is contained in AQQ's ASX releases of 2 and 30 August 2011 and 15 December 2011.

The Scotia tenements fit neatly with Minotaur's ambition to establish a strategic presence in the Western Australian goldfields.

To View Location Map, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-MEP-736098.pdf

Minotaur Exploration Limited
T: +61-8-8366-6000
F: +61-8-8366-6001
E: admin@minotaurexploration.com.au
WWW: www.minotaurexploration.com.au

]]> newsroom@abnnewswire.net