Sydney, July 31, 2009 (ABN Newswire) - AUDIO: Victory West Moly Limited (ASX:VWM) is pleased to announce that on 24 July 2009 it executed Heads of Agreement with XS Platinum Ltd ("XSP") to acquire all of XSP's shares. XSP has near-term platinum and gold production in Alaska, and plans to be producing and selling platinum and gold by calendar year end. VWM has an exciting, highly prospective molybdenum project in Indonesia.
This acquisition by VWM will better position it to become a multi-resource company with assets of strategic significance and economic importance.
Luke Martino talks with Brian Carlton on the near term production plans for Platinum, Gold and Molybdenum projects.
VWM's Malala Molybdenum Project, Indonesia
VWM remains committed to ongoing exploration and development activities at its Malala Molybdenum Project located on the island of Sulawesi, Indonesia. VWM maintains a full-time workforce of around 70 employees based at the Nancy Camp who continue to implement the Company's strategy to move the Anomaly B molybdenum prospect through to production. Trenching is ongoing, with an additional five trenches to be excavated and sampled within the coming months. This aims to extend the bedrock geochemical anomaly from 800m in length to over 2,000m. The Company's geologists plan on undertaking geological mapping and sampling activities over two large target areas defined by molybdenum-in-soil geochemistry and recent stream sediment geochemical results.
Victory West Moly Limited Luke Martino Director TEL: +61-8-9381-5819 FAX: +61-8-9388-3701