Victory West Moly Limited (ASX:VWM) To Acquire Remaining 25% Interest In Victory West Pty Ltd
Victory West Moly Limited (ASX:VWM) To Acquire Remaining 25% Interest In Victory West Pty Ltd

Perth, Oct 21, 2010 AEST (ABN Newswire) - Victory West Moly Limited (googlechartASX:VWM) ("VWM" or the "Company") confirms that on 21 October 2010, the Company entered into a Share Acquisition Agreement with the shareholders of Victory West Pty Ltd (Victory West) to formalise its agreement to acquire the remaining 25% of their shares in Victory West as previously announced.

The transaction is subject to a range of conditions including;

1) the Company completing satisfactory due diligence investigations into Victory West;

2) the Company obtaining all necessary shareholder and regulatory approvals for the proposed transaction; and

3) any other regulatory approvals required for the proposed transaction.

At this stage, condition 1 has been satisfied. Shareholders are being asked to consider and approve the abovementioned transaction at the Company's Annual General Meeting to be convened on 30 November 2010. Should shareholders approve the transaction at this meeting, it is anticipated that the abovementioned agreement will become unconditional at this time.

VWM is currently focused on delineating the size and grade of the Anomaly B prospect through a series of exploration programs including drilling, trenching, geophysics and geochemistry. VWM is yet to define a JORC resources however, it is in the process of verifying an initial minimum Exploration Target at Anomaly B of 105-115Mt @ 660-900ppm Mo based on previous work by Rio Tinto (googlechartASX:RIO) (googlechartNYSE:RIO), Santos (googlechartASX:STO) (googlechartPINK:SSLTY) and the Company. VWM expects to build on this target over time.

Contact

Robert Hyndes
Chief Executive Officer
Victory West Moly Limited
TEL: +61-8-9381-5819
FAX: +61-8-9388-3701
http://www.victorywestmoly.com.au



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