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METEORIC RESOURCES NL Capital/Financing Update 2011
65311_rns_2011-01-17_fcae67bb-c9cc-48c1-af30-41a9d6986c64.pdf
Capital/Financing Update
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ABN 48 083 274 024 Suite 10, 281 Hay Street Subiaco 6008 Western Australia T +61 8 9381 6922 F +61 8 9381 6060 E [email protected] W www.blackridgemining.com
January 18 2011
BLACK RIDGE MINING NL EXERCISES METEORIC RESOURCES NL OPTION WITH EXTENDED TERMS.
Black Ridge Mining (BRD) has reached agreement with Meteoric Resources NL (ASX:MEI) whereby BRD will exercise the current Option to enter into a Joint Venture with MEI in respect of its 100% owned exploration licence (E57/760) situated adjacent to BRD's Unaly Hill magnetite-vanadiumtitanium project, south of Sandstone.
Under the previous terms of the Option, BRD was to spend a minimum of \$1,000,000 within three years to earn a 60% interest in the project (excluding rights to gold and silver). Both BRD and MEI have now agreed that the initial three year period will be extended to six years, with all other original conditions remaining. At that point BRD may elect to remain at 60% and a contributing JV formed.
Expenditure of an additional \$500,000 within a further one year period would allow BRD to earn a total of 70% in the tenement after which a contributing JV will be formed.
An initial RC drilling program was undertaken on the MEI tenement in 2010 in association with the Unaly Hill program, with encouraging results reported for both areas.
BRD are now formulating a forward program and will report back to the market once plans are finalised.
GORDON S. HATCH Managing Director