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CORAZON MINING LIMITED — Capital/Financing Update 2008
Aug 11, 2008
64747_rns_2008-08-11_a8cb65cf-0d89-43e2-962e-7bde5a73abeb.pdf
Capital/Financing Update
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12 August 2008
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The Manager Australian Securities Exchange
ASX – Release
Graynic Concludes Joint Venture Agreement for Mt Cornell
Graynic Metals Limited (ASX: GYN; “Graynic”) is pleased to announce it has concluded a joint venture agreement with Global Nickel Investment Limited (ASX: GNI; “Global Nickel”) for its Mt Cornell tenement package in the northern Goldfields of Western Australia.
Under the terms of the Agreement Graynic has agreed to transfer to Global Nickel a 90% legal and beneficial interest in the Tenement and the Parties have agreed to form a joint venture for the purposes of exploring the Tenement. Global Nickel will be responsible for carrying out exploration activities for the tenement package, including 1500 metres of RC drilling on the project area. In addition Global Nickel will pay Graynic $40,000 and issue to Graynic 300,000 shares in Global Nickel.
The Mt Cornell tenement package is currently under application by Graynic for an exploration licence E38/1840 and is immediately to the north of the two existing granted exploration licences E38/1540 and E38/1541 that are currently held by Global Nickel. The Mt Cornell tenement will give Global Nickel an additional 10km strike length of the highly-prospective and under-explored belt Jutson Rocks greenstone belt.
Enquiries: Bronwyn Barnes James Moses Managing Director Fortbridge Consulting 08 6364 0518 0420 991 574 0417 093 256 [email protected] [email protected] www.graynicmetals.com.au
Graynic Metals Limited ACN : 112 898 825
Suite 5, Level 1, 350 Hay St, Subiaco, Western Australia, 6008. PO Box 935, West Perth, WA, 6872 Phone: 08 6364 0518 Fax: 08 6210 1872
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About Graynic Metals Limited
Graynic Metals Ltd is committed to increasing shareholder wealth through the acquisition, exploration and development of base metal mineral resources throughout Australia. The Company has key project areas in Western Australia and New South Wales within mineral provinces that have demonstrated copper, lead, zinc, nickel and gold mineralisation.
Current exploration targets include locating additional high grade resources adjacent to existing resources, testing of historic workings, drill testing of significant surface geochemical anomalies and the drilling of obvious strike and depth extensions of existing anomalous drilling intersections. Each project area has a significant land position which allows for further growth opportunities should exploration be successful.
Graynic Metals Limited ACN : 112 898 825
Suite 5, Level 1, 350 Hay St, Subiaco, Western Australia, 6008. PO Box 935, West Perth, WA, 6872 Phone: 08 6364 0518 Fax: 08 6210 1872