07/12/2004 - 21:00

Aquila farm-in

07/12/2004 - 21:00

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Aquila farm-in

AQUILA Resources subsidiary Aquila Steel has reached agreement to farm-in on five of Cullen Resources’ Ashburton tenements.

Under the agreement Aquila will be able to explore and, if warranted, develop iron ore deposits.

It can earn a 70 per cent interest in iron ore deposits by spending $1 million over five years with a minimum spend of $100,000.

Once Aquila has earned its 70 per cent stake Cullen can elect to contribute or dilute its interest.

If Cullen’s interest dilutes to less than 10 per cent while joint venture activities are continuing, Cullen will be entitled to a 50 cent a tonne royalty. Cullen also retains the rights to minerals other than iron ore found on its five Ashburton tenements.

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