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FENIX RESOURCES LTD — Capital/Financing Update 2010
May 18, 2010
64910_rns_2010-05-18_64daf3fe-a2d2-4297-9bb8-63a0e0f5ead4.pdf
Capital/Financing Update
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De Grey Mining Ltd
A.B.N. 65 094 206 292
The Bold Explorer
19 May 2010
ASX/MEDIA RELEASE
FIRB APPROVAL GRANTED FOR BEYONDIE IRON JV SALE AGREEMENT
De Grey Mining Limited (ASX code: DEG) is pleased to advise that the Foreign Investment Review Board (FIRB) has confirmed the approval of Emergent Resources Limited (EMG) A$200 million joint venture with Chinese State Owned Enterprise (SOE) Beijing China Metallurgical Investment Company Limited (CMIC) for the development of the Beyondie Iron Project in the Mid West region of Western Australia. (See EMG press release of 17[th] May 2010).
Under the terms of the Sale and Purchase Agreement with Emergent, De Grey is to receive $4.5 million cash within 30 days of the Completion Date (31 May 2010), together with $2.25 million, plus interest, in future payments after commencement of commercial production at the project, for the sale of its 20% interest in Beyondie magnetite iron ore project once FIRB approvals are granted.
With FIRB approvals granted, completion of the Sale and Purchase Agreement with Emergent is now dependent only on Emergent’s capital raising, which the Emergent Board are confident of achieving in the time required.
Upon completion De Grey will be very well funded to explore current projects and to target new project opportunities, with over $7 million cash.
For further information:
Gary Brabham
De Grey Mining Limited Ph: +61 8 9285 7500
Suite 4, 100 Hay Street, Subiaco, WA 6008 ▪ PO Box 8289, Subiaco East, WA 6008 ▪ Tel: +61 8 9285 7500 ▪ Fax: +61 8 9285 7599 Email: [email protected] ▪ Website: www.degreymining.com.au