28/07/2009 - 09:41

Fox buys De Beers royalty for $100,000

28/07/2009 - 09:41

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Fox Resources has paid $100,000 for the 2 per cent net smelter royalty that was payable to De Beers Australia Exploration on Pilbara tenements under the access agreement.

Fox buys De Beers royalty for $100,000

Fox Resources has paid $100,000 for the 2 per cent net smelter royalty that was payable to De Beers Australia Exploration on Pilbara tenements under the access agreement.

 

The announcement is below:

 

Pilbara-based minerals developer Fox Resources Limited (Fox) (ASX: FXR) is pleased to announce it has agreed to acquire the 2% net smelter royalty payable to De Beers Australia Exploration Limited ("DBAE") on tenements the subject of the Access Agreement between Fox and DBAE.

Fox entered into an Access Agreement with DBAE (announced on 24 April 2007) which allows Fox to access, explore and develop discoveries on DBAE's West Pilbara tenements for all minerals including nickel, copper, gold, zinc, iron ore and uranium, but excluding diamonds.

Fox has paid A$100,000 to effectively extinguish the 2% net smelter royalty payable to DBAE, which applies to 19 tenements covering more than 2,000 km2.

Fox Managing Director Bruno Seneque said the company would continue its early exploration across the DBAE tenements, as part of its strategic focus in the highly prospective West Pilbara region.

"This acquisition underpins Fox's commitment to the West Pilbara and with a tenement holding of 3,000 km2, Fox is well positioned to make future potential mineral discoveries and unlock further value in this region."

"We are currently focussed on the redevelopment of our nearby Radio Hill asset, however the DBAE tenements offer exciting exploration potential, particularly for base metals and gold," Mr Seneque said.

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