Helix Resources Ltd
Advises that Lonmin Plc has elected to withdraw from further involvement in the Munni Munni Platinum group metals Joint Venture, near Karratha. When the Joint Venture commenced in May 2001 the Palladium price was US$600.00 per ounce compared with US$250.00 an ounce in January 2003. Lonmin will also sell its 11.8% shareholding (6 million shares) purchased in Helix in May 2001. Under the terms of a Subscription Agreement between the two companies, Helix have assisted Lonmin in the sale of its shareholding by agreeing to undertake a selective Buy-Back of the entire 11.8%.
Has entered into an exclusive "Option to Sub Lease" with BGC Contracting Pty Ltd, in relation to the Karratha ground under mining lease. BGC have paid a $50,000 option fee, and have 90 days in which they will carryout extensive drilling, surveying, sampling and testing of materials to assess material quality and quantity. Upon exercise of the option, BGC shall have the right to remove material from the site.
Thundelarra Exploration Ltd
Has signed a letter of agreement in relation to a proposed nickel joint venture in the Kimberley, the Copernicus/Salk JV, where Sally Malay will manage the JV.
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