Image Resources NL (ASX:IMA) And Integra Mining Limited (ASX:IGR) Signed Farm-In Agreement On Aldiss Gold Project
Perth, Sep 6, 2010 AEST (ABN Newswire) - Emerging gold producer Integra Mining Limited ("Integra") (
ASX:IGR) is pleased to report the Company has entered into Farm-in and Joint Venture Agreements with Image Resources NL ("Image") (ASX:IMA) (PINK:IMREF) on two tenements along strike of Integra's Aldiss Gold Project located some 130 kilometres east of Kalgoorlie in Western Australia.
Terms of the Farm-In and Joint Venture Agreements include:
- Integra has the right to earn a 70% interests in the tenements by exploration expenditure of A$750,000 over a five-year period with a minimum expenditure of A$250,000 in the first year. Integra will manage field activities.
- Once Integra has earned a 70% interest in the tenements, Image may elect to contribute pro-rata to further expenditure to maintain a 30% interest or may elect to dilute Image's interest by an agreed formula.
- Should either Party's interest in the tenements reduce below 5%, they will automatically be reverted to an NSR royalty of 2%.
A location map of the tenements subject to the Farm-In and Joint Venture Agreements is included in Figure 2 (see link at the bottom of the release).
Integra has some 500,000 ounces of Mineral Resources (460,000 ounces in the Indicated Resources category and 40,000 ounces in the Inferred Resources category) in several gold deposits in the Aldiss Gold Project. The Company intends to accellerate exploration in the Aldiss Gold Project and is of the opinion that, given the already substantial gold endowment of the project, a relatively modest additional discovery of economic gold mineralisation could be sufficient to justify the establishment of a stand-alone mining / milling operation in this area.
Investors are cautioned that there is no guarantee that exploration will be successful in identifying economic gold mineralisation, however, Integra has a demonstrated track record of discovery.
For the complete announcement including location maps, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/63661-Integra-ASX-release-3-Sept-10---Erayinia.pdf
About Image Resources NL
Image Resources NL (ASX:IMA) is a mineral sands focused mining company operating an open-cut mine and ore processing facility at its 100%-owned, high-grade, zircon-rich Boonanarring Project, located 80km north of Perth in the infrastructure rich North Perth Basin.
Boonanarring is arguably one of the highest grade, zircon-rich mineral sands projects in Australia. Construction and project commissioning were completed on-time and on-budget in 2018. Production commenced in December 2018 and HMC production ramped-up to exceed name-plate capacity in only the second month of operation.
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