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ILUKA RESOURCES LIMITED — Capital/Financing Update 2016
May 31, 2016
65116_rns_2016-05-31_f7826b02-0cf9-4cbf-a08c-e45269186997.pdf
Capital/Financing Update
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ILUKA PROGRESSES TO 80% PARTICIPATING INTEREST IN THE FARM-IN JOINT VENTURE
Highlights
- Iluka Resources Limited has met the further expenditure requirement to secure an additional 29% interest in E70/2464 under the Farm-in and Exploration Joint Venture Agreement, increasing its interest to 80%
The Board of Astro Resources NL (“the Company” or “ Astro” ) is pleased to announce that Iluka Resources Limited (“ Iluka ”) has undertaken the further work under the terms of the Farm-in and Exploration Joint Venture Agreement (“ Farm-in JVA ”) and as a result, issued a notice to Governor Broome Sands Pty Ltd (“ GBS ”), a wholly owned subsidiary of the Company, advising that its entitlement to ownership of Exploration Licence 70/2464 and its participating interest in the Joint Venture has increased by 29%, from 51% to 80%.
Under the terms of the Farm-in JVA, Astro’s wholly owned subsidiary, GBS, is required to contribute to all approved expenditure of the Joint Venture in proportion to GBS’ 20% participating interest.
ENDS
For enquiries, please contact:
Mike Povey
Vince Fayad
Director P: +61 2 9237 6525
Company Secretary P: +61 2 8346 6055 Email: [email protected]
a : level 8, 1 o’connell street p : gpo box 5446 sydney nsw 2000 sydney nsw 2000 w : www.aro.com.au e
ph : +61 2 9237 6525 fx : +61 2 8346 6099 asx : aro