AI assistant
IGO LIMITED Capital/Financing Update 2006
65111_rns_2006-09-06_b9f0faf7-50a7-466c-b741-791e7a44d730.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
Traka Resources Limited
ASX Shareholders Report
Enquiries regarding this announcement and company business may be directed to:
Patrick Verbeek Managing Director
Ground Floor 43 Ventnor Avenue West Perth 6005 Western Australia Tel: (+61) 8 9322 1655 Fax: (+61) 8 9322 9144
Web- www.trakaresources.com.au
Investor Enquiries: [email protected]
ASX Code: "TKL"
The company is pleased to announce the following information:
Exercise of Option by IGO.
The Independence Group NL ("IGO") has elected exercise the Option granted bv the to. Ravensthorpe Nickel Project Agreement entered into in October 2005 with Traka. Under the terms of the Agreement IGO committed to expend \$1.5 million before it had the right to withdraw or elect to proceed to earn a joint venture interest in the project. This initial expenditure has recently been met and IGO has elected to proceed to earn a 51% interest in the project by the additional expenditure of \$5 million by 31st December 2009.
IGO have budgeted exploration expenditure of \$1 million for the current financial year.
Nickel Project RC Drilling Program.
An RC drilling program has recently commenced on the nickel project to test a number of previously highlighted targets. Approximately 20 high priority targets are being tested in the Jerdacuttup and Mt Short areas. The program is expected to take about 1 month to complete.
Iron Ore RC Drilling Program.
Traka in its own right will commence, within the next few weeks, an initial scout style RC drilling program in one area of the Ravensthorpe Iron Ore Project. This program will be the first ever conducted which tests the bedrock source for high grade surface rock-chip samples of hematitic Previous rock-chip sampling in this area rock. returned peak grades of between 58% and 68% Iron.