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Washington and Western Desert in JV

West Perth based Washington Resources has signed a joint venture agreement with exploration company Western Desert, allowing Western Desert to explore one of its Northern Territory tenements.
Under the deal, Western Desert will be able to explore for all minerals other than tin, tungsten and molybdenum and earn up to an 80 per cent interest in the project, by funding over $1 million over five years on exploration.

Full announcement below:

As announced separately by Western Desert Resources Limited ('Western
Desert'), Washington Resources Limited ('Washington' or 'the Company') has
negotiated a joint venture agreement with Western Desert, whereby the latter will explore for
minerals other than tin, tungsten and molybdenum on Washington's Exploration Licence
Application EL 25434, located in the Musgrave Ranges area of the Northern Territory. See
Figure 1.
As part of the Musgrave Block, one of the least explored areas of Australia, the tenement
application area lies in a province prospective for nickel-copper-platinoid mineralization, as
evidenced by exploration work on prospects in adjoining South Australia and Western
Australia.
Under the terms of the agreement, Red Desert Minerals Pty Ltd (a wholly owned subsidiary
of Western Desert) can earn up to an 80% interest in the prospect by funding exploration
expenditure totalling Au$1.05 million within five years of date of grant of the tenement.
The agreement reflects Washington's policy of spreading risk by minimizing expenditure on
tenure while retaining the rights to minerals in which it has a strategic interest, in this case,
tungsten, tin and molybdenum. This approach has proved very effective elsewhere, in
particular at Kurundi in the Northern Territory. At Kurundi, Northern Uranium Limited
(ASX:NTU), of which the Company holds approximately 20%, is generating a significant
database that is pertinent to the exploration for base and precious metals and is generating
targets for the Company at effectively no direct cost to the Company.

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1 year TSR5 year TSR
117thNorthern Star Resources158%67%
129thFortescue Metals Group144%-4%
409thSouth323%0%
487thIluka Resources-8%-14%
567thWoodside Petroleum-22%-2%
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29/07/16
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