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Nova Minerals Ltd Capital/Financing Update 2005
34115_rns_2005-09-21_f9277d78-6bf6-456d-aa95-717fc76608e1.pdf
Capital/Financing Update
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Quantum Resources Limited
ABN 84 006 690 348
Level 8, 580 St Kilda Road, Melbourne Victoria 3004, Australia
PO Box 6315, St Kilda Road Central Melbourne, Victoria 8008, Australia
Telephone: +61 3 8532 2840 Facsimile: +61 3 8532 2805 Email: [email protected]
22 September 2005
Manager Announcements Company Announcements Office Australian Stock Exchange Limited $4th$ Floor 20 Bridge Street Sydney NSW 2000
Dear Sir
SUMMARY OF ANNOUNCEMENT
Joint Venture with Newmont Australia Limited group.
DETAILS OF ANNOUNCEMENT
The Directors are pleased to announce that the Company has entered into a farmin and joint venture agreement with Newmont Tanami Pty Ltd ("Newmont") covering the Officer Hill tenement in the Northern Territory. Under the agreement, Newmont is required to spend \$500,000 over 3 years to earn a 75% interest. Newmont are required to spend \$100,000 within the first 12 months. Once Newmont have earned their 75% interest, the Company has the right to convert its 25% contributing interest into a 10% free carried interest to decision to mine.
If a feasibility study prepared by Newmont results in a proposal that does not meet Newmont's development criteria, the Company has the right to buy-back Newmont's participating interest for 200% of Newmont's exploration costs.
Yours faithfully
PETER LEE General Manager Corporate & Company Secretary