Terramin Australia Ltd-14-Jul-04

Has confirmed its 60% ownership in the Fleurieu and Menninnie Dam joint venture after spending $2 million on exploration since 1997.  It has a call option to increase its interest to 100% by issuing shares to the value of $1 million to WMCL before 31 December 2005 or it may purchase 40% through its pre-emptive right over any sale of the WMCL interest by the receiver.                                  


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