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PACIFIC RESOURCES LIMITED Capital/Financing Update 2006
65638_rns_2006-06-15_0a6dd1bf-c7ba-4698-9783-023343c1831a.pdf
Capital/Financing Update
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www.lodestonex.com
| ASX Release | ASX Code | |
|---|---|---|
| 16 June 2006 | LOD |
The Manager Company Announcements Office Australian Stock Exchange Limited 10th Floor, 20 Bond Street SYDNEY NSW 2000
Lodestone Exploration Limited announces Karinya Farm-In Agreement
Lodestone Exploration Limited (Lodestone) is pleased to advise that it has signed a Farm-in Agreement with Sedex Minerals Pty Ltd (Sedex) in which Lodestone may acquire up to 70% of Sedex's Karinya Zinc-Silver Project 80 kms north-east of Adelaide.
This agreement replaces Lodestone's option to earn up to 70% of Sedex, announced on 3 May 2006, and offers a direct interest in the project on similar terms.
Lodestone has the right to earn a 51% interest in the project by spending \$500,000 on exploration within approximately 12 months, and issuing 5 million Lodestone shares.
The Company may then acquire an additional 19% interest in the project by issuing 2.5 million shares or paying Sedex \$250,000, at Sedex's choice.
Sedex's Karinya Project exhibits features indicative of a classical shale hosted lead-zinc environment similar to that of the major zinc-lead deposits of Mount Isa, Sullivan (Canada) and Red Dog (Alaska).
Yours faithfully,
John Meadley
John McCawley Executive Director [email protected]