17/03/2009 - 13:27

Iluka buys out JV partner's stakes

17/03/2009 - 13:27

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Iluka Resources has bought the mineral sands interests in the Eucla Basin from joint venture partner Mithril Resources for $550,000.

Iluka buys out JV partner's stakes

Iluka Resources has bought the mineral sands interests in the Eucla Basin from joint venture partner Mithril Resources for $550,000.

 

The announcement is below:

 

Mithril Resources Ltd (ASX:MTH) is pleased to advise that the sale of its mineral sands interests to Iluka (Eucla Basin) Pty Limited ('Iluka'), a wholly owned subsidiary of Iluka Resources Limited (ASX:ILU) for consideration of $550,000 cash is complete. The terms of the transaction were originally released to the market on 17th February 2009. At that time completion was subject to certain conditions precedent which have been satisfied.

The mineral sands interests comprise:

- exploration licence 3746 and exploration licence applications 26/2003, 303/2008 which are subject to the Kalli Joint Venture between Mithril and Iluka;

- exploration licence application 265/2004;

- Mithril's interest in the Kalli Joint Venture; and

- all related information, data and access agreements.

The tenements do not host any identified mineral resources. As such any potential benefit to Mithril shareholders would only be realised over the longer term. The sale of these interests improves the financial strength of the company and efforts will focus on advancing our nickel sulphide exploration programs.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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