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G11 RESOURCES LIMITED — Capital/Financing Update 2015
Jul 26, 2015
64956_rns_2015-07-26_d5c895ed-2480-4cf9-9723-1b3ba8c04a4a.pdf
Capital/Financing Update
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Joint Venture Agreement to Advance Nickel and Gold Projects
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Moho Resources to earn up to a 70% interest in the Silver Swan North Project by spending $1,000,000 through a staged investment.
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Stage 1 commitment requires Moho Resources to undertake drill testing of 2 high priority nickel targets.
Lawson Gold Limited (Lawson) is pleased to advise that it has executed a Mining Farm-In and Joint Venture Agreement with Moho Resources NL (Moho). Moho will acquire equity in and fund exploration of the newly named Silver Swan North Project, comprising Lawson’s Mining Lease M27/263 and Exploration Licence E27/345 located in the world-class Kalgoorlie, nickel and gold mining district. Moho is a new, WA-focused, unlisted nickel, copper and gold exploration company directed by former Western Mining and Alcoa senior management.
The terms of the agreement are as follows:
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Moho may acquire a 25% equity in the tenements by drill testing the two high priority electromagnetic targets prospective for nickel mineralisation previously announced to the ASX in the December 2014 Quarterly Report (refer to 30/01/2015 ASX announcement) or such targets as agreed by Moho and Lawson.
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Moho may acquire a further 26% equity for a total of 51% by spending $400,000 (includes the amount already spent by Moho from Stage 1).
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Moho may acquire a further 19% equity for a total of 70% by spending a total of $1,000,000 (includes amounts already spent from Stage 1 and Stage 2).
The Silver Swan North Project contains several highly conductive drill ready electromagnetic targets prospective for nickel (refer to 30/01/2015 ASX announcement) and the Lawson Gold Prospect, which has returned high-grade gold intersections from limited drill testing (refer to 09/02/11 ASX announcement). It is Moho’s intention to undertake geochemical and geophysical surveys over these target areas and other early-stage prospects with drill testing of the best targets to follow. Under the terms of the agreement Moho must complete the Stage 1 drilling of two targets by 31 December 2015 (or as extended by Moho by written notice to Lawson before 31 December 2015 for a further period of three months).
The introduction of a new exploration partner for the Silver Swan North project is significant. It will see exploration activities resume on these prospective nickel and gold leases and ensures Lawson can focus its efforts on acquiring other new investment initiatives with similar high growth potential.
For Further information: Peter Reid (Executive Director) telephone 0407 955 141
Competent Persons Statement: The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Peter Reid, who is a Competent Person, and a Member of the Australian Institute of Geoscientists. Mr Reid is an Executive Director and part time contractor to Lawson Gold Ltd. Mr Reid has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Reid consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.