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IronClad enters into manganese JV - Trafford Resources steel tube expo-管材展-钢管展-2014广州国际管材展览会 The 15th China(Guangzhou)Int’l Tube & Pipe Industry Expo
10/27/2013 管材展-钢管展-tube expo |
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IronClad Mining announced the signing of a letter agreement with Trafford Resources Limited whereby IronClad have the right to earn up to an 80% interest in all Manganese over the Wilcherry Hill Project area.
The exploration and development of Manganese at Wilcherry Hill has strong synergies with the proposed Iron Ore operation that IronClad is currently developing. A JV Agreement incorporating the main terms listed below, will be executed by both parties within the next month.
Summary of terms:
1. IronClad to complete 4,000 meters of Reverse Circulation drilling within 12 months of the JV agreement being signed.
2. IronClad to pay Trafford AUD 250,000 (Australian Dollars) upon signing the JV agreement.
3. IronClad can earn 50% in the project tenements by spending one million (Australian dollars) within one year from the date of the agreement.
4. IronClad has the right to earn an additional 30% in the project by spending an additional AUD 2 million (Australian dollars) over a 2 further years.
5. IronClad will be the manager of the JV.
6. Upon IronClad reaching an 80% interest; Trafford''s remaining 20% interest will be free carried up to a decision to mine; at which point if Trafford elect not to contribute they will dilute by an industry standard formula, to a minimum of a 10% interest before converting to a 2% gross revenue royalty.
6. On signing of the JV agreement IronClad and Trafford will form an exploration committee that will agree upon exploration/development programs during the earn in period.
7. The JV Agreement will be signed within a month of date of the letter agreement.
As part of its due diligence on the Manganese potential at Wilcherry Hill, IronClad have recently submitted samples for preliminary metallurgical test work. The final results of which are to be released in the coming week.
Mr Robert Mencel MD of IronClad said that "This JV is a very exciting development for IronClad. The addition of Manganese has the potential to add significant value to the Wilcherry Hill Project."
Source – Strategic Research Institute
( www.minesguru.com)
管材展-钢管展-2014广州国际管材展览会 -巨浪展览-The 15th China(Guangzhou)Int’l Tube & Pipe Industry Expo
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