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CLARA RESOURCES AUSTRALIA LTD — Capital/Financing Update 2014
Nov 30, 2014
64598_rns_2014-11-30_f336ad50-a1ea-424c-864d-248923071bc7.pdf
Capital/Financing Update
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ASX Announcement
Aus Tin Mining Limited (ASX: ANW)
1 December 2014
Agreement Signed to Progress Potential Chromite Mining at Marlborough
Highlights
Terms agreed to advance the evaluation of potential mining of chromite within EPM 17768 (Marlborough)
The Directors of Aus Tin Mining Limited (the Company) are pleased to advise that terms have been agreed with Compound Resources Pty Ltd (Compound Resources) with a view to developing alluvial chromite operations at the Company’s 100% owned EPM 17768 (Marlborough) in Queensland. The Company has previously highlighted the prospectivity of Marlborough for chromite with historical mining of chromite evident and elevated stream sediment results. During recent field reconnaissance alluvial chromite was identified in a number of areas.
The terms agreed provide Compound Resources with a 120 day evaluation period to further investigate the economic viability of mining of alluvial chromite, after which they may apply for a mining licence with the Company’s consent. As consideration the Company will receive a series of staged payments totaling up to $185,000 plus a 5% royalty. The Company will retain a claw‐back should a discovery for metals other than chromite be made.
Compound Resources is a private company with significant experience in the exploration and mining of chromite. The principals of Compound Resources were instrumental in the exploration, development and production of numerous bulk commodity projects in Western Australia, Northern Territory and Queensland. They have undertaken an extensive review of Australian chromite projects and determined the feasibility of mining alluvial chromite within EPM 17768.
Chief Executive Officer, Peter Williams said “the agreement provides a pathway to generating revenue for Aus Tin Mining from a non‐core commodity that could support our efforts in the exploration and development of our core commodities, including tin, nickel and other base and precious metals”.
The Company will continue to advance its exploration program at EPM 17768 with a focus on the recently identified nickel/cobalt/platinum targets at Racecourse and Spring Creek.
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On behalf of the Board KM Schlobohm Company Secretary
Aus Tin Mining Limited Level 27, 111 Eagle Street, Brisbane, Qld 4000 (GPO Box 5261) Phone: 07 3303 0611, Fax: 07‐3303 0681
Email: [email protected]
Electronic copies and more information are available on the Company website: www.austinmining.com.au
For further information contact:
Mr. Peter Williams Karl Schlobohm CEO, Aus Tin Mining Limited Company Secretary, Aus Tin Mining Limited Ph: 07 3303 0611 Ph: 07 3303 0680
COMPETENT PERSON STATEMENT
The information in this presentation that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Nicholas Mather B.Sc (Hons) Geol., who is a Member of The Australian Institute of Mining and Metallurgy. Mr Mather is employed by Samuel Capital Pty Ltd, which provides certain consultancy services including the provision of Mr Mather as a Director of Aus Tin Mining. Mr Mather has more than five years experience which is relevant to the style of mineralisation and type of deposit being reported and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves’ (the JORC Code). This public report is issued with the prior written consent of the Competent Person(s) as to the form and context in which it appears.
Aus Tin Mining Limited Level 27, 111 Eagle Street, Brisbane, Qld 4000 (GPO Box 5261) Phone: 07 3303 0611, Fax: 07‐3303 0681