Due Diligence Period Extended with Shenzhen Qianhai Zhongjin Group
Perth, Dec 22, 2015 AEST (ABN Newswire) - Triton Minerals Ltd (
ASX:TON) refers to its ASX announcement dated 27 April 2015, regarding the signing of a letter of intent (LOI) with Chinese equity firm and resources trading house, Shenzhen Qianhai Zhongjin Group Co., Ltd (SQZG).
Under the terms of the LOI, SQZG agreed to provide funding of up to US$200 million (A$282M) to build and develop a graphite concentrate operation with initial capacity to produce up to 200,000 tonnes of graphite concentrate per year from Nicanda Hill, the world's largest known graphite and vanadium project.
The due diligence period under the LOI is currently due to expire on 31 December 2015. Accordingly, the Company and SQZG have agreed an in principle extension of the due diligence period of the LOI for a further 3 months to 31 March 2016. All other terms of the LOI remain unchanged.
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.
| ||
|
