Edited announcement
West Perth-based nickel producer Nickelore has signed an agreement to acquire up to a 51 per cent interest in a gold and copper project in Papua Province, Indonesia and appointed Ron Hicks to its board of directors.
The four year agreement for the acquisition consists of a combination of cash payments, share consideration and exploration commitments, namely the progressive issue of up to 80 million shares over a four year period, exploration expenditure of US$5 million over a four year period and US$140,000 cash.
The company also announced that mining and geology veteran, Ron Heeks will join its board of directors.
Mr Heeks is a geologist with more than 25 years experience in the Australian, Asian and African exploration and mining industry with expereince working for numerous companies including Western Mining, Newcrest, Newmont and Resource Service Group (now Coffey) and was a former co-director of Exploration and Mining Consultants that operated out of offices in Kalgoorlie, Perth and Jakarta.
Full announcement below:
NICKELORE SIGNS FORMAL OPTION AGREEMENT TO ACQUIRE 51% OF PAPUA GOLD & COPPER PROJECT
Nickelore Limited (ASX:NIO) wishes to advise that it has signed a formal option agreement to acquire up to a 51%
interest in a gold and copper project in Papua Province, Indonesia (”Papua Gold & Copper Project”). The Company
previously announced on 12 August 2009, the signing of a heads of agreement in relation to the Papua Gold & Copper Project.
Under the Agreement, Nickelore has the right to acquire up to a 51% interest in the Papua Gold & Copper Project over a four year period (”the Option”). The Option consideration will consist of a combination of cash payments, share consideration and exploration commitments, which are summarised as follows:
Popularity: 6% [?]
Recent Comments