Balcatta-based mineral explorer Pan Palladium Ltd will acquire the 30 per cent interest, held by its South African joint venture partner Randgold & Exploration Ltd, of three farms in its Aurora project in exchange for five million shares.
The full text of a Pan Palladium announcement is pasted below
Pan Palladium Ltd is pleased to announce that it has reached agreement with JV partner Randgold & Exploration Ltd whereby PPD will own 100 per cent of the rights to three farms on PPD's Aurora Project, in exchange for five million PPD shares.
The three farms, Altona 696 LR, La Pucella 693 LR and Kransplaats 422 LR, were the subject of an agreement in which PPD would be entitled to 70 per cent and R&E 30 per cent of any potential exploration or mining project discovered or developed on the properties.
PPD already holds new order Prospecting Rights to these three farms under the South African Mineral and Petroleum Resources Development Act.
This arrangement simplifies the position for both parties and gives PPD full rights and ownership to any future developments on the properties, on which PGE and copper/nickel mineralisation has been established.
R&E could benefit from any future development as a shareholder of PPD.
This positive news follows the earlier announcement of a new joint venture with Anglo Platinum on farms adjacent to these properties. Pan Palladium now has interests covering substantial areas and involving twelve farms on the Northern Limb, making it one of the
largest holders of exploration ground in this area.
