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ORBMINCO LIMITED — Capital/Financing Update 2013
Feb 17, 2013
65473_rns_2013-02-17_e0c34a11-f042-4824-9abb-2e9f5473a11d.pdf
Capital/Financing Update
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18 February 2013
FOR IMMEDIATE RELEASE
Pelican Exercises Option to Enter into a Farm‐in and Joint Venture Agreement in relation to The San Marcos Gold Project, Arizona USA
Pelican Resources Limited (ASX: PEL) ( Pelican ) is pleased to announce that it has exercised an option to enter into a farm‐in and joint venture agreement with Australian American Mining Corporation Limited (ASX: AIW) ( AusAmerican ) allowing Pelican to earn up to a 100% interest in the San Marcos Gold Project located in Arizona, USA ( Project ).
As announced to the ASX on 14 January 2013, Pelican and AusAmerican entered into an option agreement pursuant to which Pelican was granted an option to enter, through a US subsidiary, into a farm‐in agreement and joint venture agreement in relation to the Project ( Option Agreement ).
Pelican exercised the option by providing notice, and a payment of AUD$25,000, to AusAmerican.
Mr John Palermo Chairman Tel.: +618 9242 1166 Fax: +618 9443 9960 Email: [email protected]
The parties will enter into a formal farm‐in and joint venture agreement based on, in addition to customary terms found in such agreements, terms agreed upon by the parties in the Option Agreement, the key terms of which were announced to the ASX on 14 January 2013.
For further information:
Mr John Hills Director Tel.: +618 9242 1166 Fax: +618 9443 9960 Email: [email protected]
Mr Mike Bue Director Tel.: +618 9242 1166 Fax: +618 9443 9960 Email: [email protected]
Mr John Palermo Chairman
Telephone: +61 8 9242 1166 Facsimile: +61 8 9443 9960 E‐mail: [email protected]
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Registered Office: Level 1, 284 Oxford Street Leederville, Western Australia 6007 Telephone: +61 8 9242 1166 Facsimile: +61 8 9443 9960 www.pelicanresources.com.au