Thackaringa Cobalt Project JV Completes Stage 1 Earn-In
Sydney, April 20, 2018 AEST (ABN Newswire) - Broken Hill Prospecting Limited (
ASX:BPL) (BPLNF:OTCMKTS) or the Company, advises that under the terms of the Thackaringa Joint Venture (TJV) with Cobalt Blue Holdings Ltd (ASX:COB) (CBBHF:OTCMKTS) (COB) the requirements have now been satisfied for COB to retain 51% beneficial interest in the TJV.
- The Thackaringa Cobalt Project Joint Venture (TJV) between Broken Hill Prospecting Ltd (BPL) and Cobalt Blue Holdings Ltd (COB) delivered a major resource upgrade on 19 March 2018. (see Note below)
- BPL have assessed the technical and financial milestones under the TJV Stage 1 and confirm COB has now earned 51% beneficial interest in the Thackaringa Project, with BPL holding the balance of 49% beneficial interest and 100% of the legal title.
- The TJV is now moving towards the completion of a Prefeasibility Study (PFS) by 30 June 2018.
Additional project milestones have still to be met by specific dates for COB to further increase its interest. BPL and COB are now moving towards completion of the Thackaringa PFS by 30 June 2018. This is the next major project milestone and, if met, will allow COB to move to 70% beneficial interest in the project.
BPL's Managing Director, Trangie Johnston commented:
"The major resource upgrade at Thackaringa in March was a key step underpinning completion of Stage 1 of the Thackaringa JV.
As this world class project develops momentum, we are delighted to see an increased level of external investor interest demonstrated by the recent transaction with LG International, announced by the TJV on 23 March.
BPL holds a significant direct interest in the Thackaringa project, and also holds long term rights, including a right to payment of $7.5 million, a royalty interest and rights to intellectual property developed by the Thackaringa Joint Venture."
Note: BPL confirms it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. BPL confirms that the form and context in which the Competent Person's findings presented have not been materially modified from the original market announcement.
About Broken Hill Prospecting Ltd
Broken Hill Prospecting Ltd (ASX:BPL) is an Australian exploration company focussed on the discovery and development of strategic mineral resources across two primary geographical areas; the Murray Basin Region (Heavy Mineral Sands) and the Broken Hill Region (industrial, base and precious metals, including the Thackaringa Cobalt & Base/Precious Metal Project).
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