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TASMAN RESOURCES LTD Capital/Financing Update 2007
65896_rns_2007-02-13_11899bf1-33e1-450c-b1af-da6ceb14335c.pdf
Capital/Financing Update
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14 February 2007
Company Announcements Office ASX Limited
WCP executes final Joint Venture Agreement for the Lake Torrens IOCGU project adjacent to the Olympic Dam Mine
Highlights:
- Further to WCP's announcement of 22 December 2006, the formal Joint Venture Agreement for the Lake Torrens IOCGU Project with Tasman Resources Limited (ASX: TAS) has now been executed. This Joint Venture covers basement-hosted (pre Neoproterozoic) mineralisation.
- The Lake Torrens IOCGU Project is Located immediately to the north and west of BHP Billiton's World Class Olympic Dam Mine in central South Australia - largely within the region defined by Geoscience Australia to have the highest potential for IOCG mineralisation within South Australia's Gawler Craton.
- Detailed work is underway, finalising a 7,500 metre drilling program to test the Titan and Marathon South prospects, with drilling scheduled to commence in the June Quarter 2007.
- An initial 2 year exploration programme has been agreed to and provides for a minimum expenditure of \$750,000 in the first year and \$1,000,000 in the second year.
- WCP will earn up to a 65% interest in 10 granted exploration licences covering 2,870 km2 by spending \$6.5 million over a five year period.
WCP Resources Ltd ABN 50 002 664 495
Level 1, 161 Sussex Street Sydney NSW 2000
Ph: +61 2 9248 6900 Fax: +61 2 9262 1559 Email: [email protected]
www.wcpresources.com.au
WCP's Executive Director, Levi Mochkin said "This is an extremely exciting step for WCP as it represents the acquisition of the Company's second significant IOCGU project. The fact that we are scheduling a substantial drilling program soon after the execution of the agreement reflects our intention to actively pursue the enormous potential that exists for very large iron-ore-copper-gold and uranium systems in these projects."
The Joint Venture covers basement-hosted mineral deposits, but excludes vounger sediment-hosted. (Neoproterozoic and vounger) mineralisation, specifically MVT-style deposits, base metal deposits and sediment-hosted uranium
Under the terms of the agreement, WCP has agreed to issue to Tasman a total of 1 million fully paid ordinary shares. These shares will be issued this week and, in accordance with the agreement, are subject to a one year voluntary escrow period.
Levi Mochkin Executive Director WCP Resources Ltd
WCP Resources Ltd
ABN 50 002 664 495
Level 1, 161 Sussex Street Sydney NSW 2000
Ph: +61 2 9248 6900 Fax: +61 2 9262 1559 Email: [email protected]
www.wcpresources.com.au
Figure 1. Lake Torrens IOCGU Project tenements (white) that comprise the joint venture agreement between WCP and Tasman, their proximity to the World Class Olympic Dam Mine, IOCG prospects and Geoscience Australia's IOCG Potential Rank 1 regions. Background image is processed residual gravity with hotter colours signifying greater density.
WCP Resources Ltd ABN 50 002 664 495
Level 1, 161 Sussex Street Sydney NSW 2000
Ph: +61 2 9248 6900 Fax: +61 2 9262 1559 Email: [email protected]
www.wcpresources.com.au