Quarterly Activities Report
Perth, July 31, 2015 AEST (ABN Newswire) - Triton Minerals Ltd (
ASX:TON) announce the Quarterly Activities Report with significant highlights.
PROJECTS OVERVIEW
Graphite Projects - Mozambique
Balama North project
- 20 year, 100,000tpa, binding off-take agreement signed with Yichang Xincheng Graphite Co., Ltd (YXGC).
- LOI executed with Shenzhen Qianhai Zhongjin Group Co., Ltd to potentially provide US$200,000,000 in a combination of debt & equity to fund development of Nicanda Hill, together with off-take agreement with an initial term of ten years at 200,000tpa for TMG from Nicanda Hill.
- Entered into two binding joint venture agreements with Chinese graphite products specialist YXGC to develop and produce graphite enhanced products in Mozambique and China.
- The 70% Triton owned, Mozambique JV has been established to produce high value expandable graphite, flexible graphite sheet, refined battery grade graphite and other enhanced graphite products.
- The 49% Triton owned, China JV has been established to focus initially on producing high strength graphite composite sheets.
- Rubicon Resources (ASX:RBR) engaged to provide key support services in Mozambique through RBR's Mozambique subsidiary, PacMoz Lda.
- Feasibility Study activities & drilling underway and progressing on-time, environmental and social impact assessment progressing well.
- Triton rapidly advancing Nicanda Hill towards production.
- Triton seeking to become a market leader in low-cost-production, high grade graphite.
Ancuabe project
- Coastal and Environmental Services engaged to produce an Environmental Impact Study at Ancuabe project.
- Mapping and sampling program underway and preparations commenced for initial drill program.
- Extraordinary metallurgical results received.
- Market leading floatation results received.
- Drill rig mobilised to site for initial drill program.
Balama South project
- Bulk sample collected.
- Exploration program commenced.
- Metallurgy and analysis underway.
CORPORATE OVERVIEW
- Successful A$12 million capital raising.
- Annual General Meeting of Shareholders held 28 May 2015.
- Chris Catlow appointed Non-Executive Chairman.
- Gidião Mbanze appointed Mozambique Project Manager.
GRAPHITE PROJECTS - MOZAMBIQUE
Balama North Project
1. Material Activity during the quarter
The quarter ending 30 June 2015 was a very productive one for Triton Minerals Limited (ASX TON, Triton or Company). A considerable amount of material activity was reported and a number of significant milestones were achieved. Some of these milestones include: signing a maiden graphite offtake agreement, entering into enhanced product joint ventures to vertically integrate Triton within the graphite supply chain, as well as entry into a letter of intent for potential project funding and offtake. These milestones, together with other material activity achieved during the quarter is discussed in more detail below.
1.1 Binding off-take agreement - XYGC
One of the most significant milestones achieved by the Company to date, was announced during the quarter. On 1 April 2015, Triton announced it has secured a 20 year binding off-take agreement with Yichang Xincheng Graphite Co., Ltd (XYGC).
The minimum total contract revenue of US$2,000,000,000 (two billion dollars US) is assured by a floor price of US$1,000/tonne, with the full contract value determined by the future sale price as set by the applicable market price. Further, Triton has exclusive rights to supply graphite to YXGC from Mozambique, Madagascar, Malawi and Tanzania.
To view the full report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-TON-728471.pdf
About Triton Minerals Ltd
Triton Minerals Limited (ASX:TON) is an ASX listed, responsible mineral explorer and resource management company headquartered in Perth, Australia.
Led by a highly experienced management team, Triton Minerals' vision is to grow shareholder's value through discovery or development of base metal, gold and other precious metal deposits.
Triton has made excellent progress with its three Graphite projects located in the Cabo Delgado Province in Mozambique, with the program successfully identifying a number of graphitic exposures.
It is the Company's belief that the Mozambique, Balama North Project could host multiple and very substantial world class graphite deposits.
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