solbec beeing dumped>>>>>, page-15

re: solbec gets another million $$ 2 July 2003
Company Announcements Office
Australian Stock Exchange Limited
Exchange Centre
20 Bridge Street
SYDNEY NSW 2000
Dear Sir/Madam
AGREEMENT TO ACQUIRE THE JERVOIS RANGE COPPER PROJECT
The Directors of Niagara Mining Ltd are pleased to announce that it has entered into an Agreement
with Solbec Pharmaceuticals Ltd to acquire 100% of the Jervois Range Copper Project.
The Project
Jervois Range is an advanced project with resources which include high grade oxide and primary
copper mineralisation. Previously reported resources, both oxide and sulphide total 6.14Mt at 2.1%
copper comprising 130,000t of contained metal. Much of the recent work has been completed by
MIM Exploration which spent $2.5M on geophysics, deeper drilling and first-pass metallurgical test
work. This work yielded positive results including depth extensions and identification of gold
associated with copper mineralisation. Niagara is attracted by the opportunity to rapidly grow the
existing resources and initially establish a heap-leach SX-EW operation. Expansion and possible
development of the sulphide resources is a further obvious growth path for the Project.
The Project is located 320km north east of Alice Springs at the eastern end of the Arunta Complex.
It comprises a series of contiguous granted Mineral Leases and Claims covering a 10km strike
length of the target stratigraphy containing base metal and gold mineralisation and an Exploration
Licence.
The Agreement
The terms of the Niagara offer are an acquisition price of $1.0M with $0.5M payable on settlement
and the balance in the form of a 12 month Convertible Note, convertible into either cash or 5
million Niagara shares at 10 cents each. The Offer is subject to due diligence which must be
completed within 8 weeks after which Niagara has 30 days to settle.
Technical Management
Niagara has agreed a strategic alliance to secure the technical services of Australian Resource
Management Company (ARMC) the principals of which include Alan Taylor (metallurgist), Hugh
Fairley (mining engineer), Ian Cowden (geologist) and Peter Wright (engineer). Between them they
will contribute immense project development and operational experience particularly Alan Taylor, a
recognised expert on copper SX-EW processing.
Niagara’s Strategy
This acquisition is consistent with the company’s stated commodity focus and strategy of acquiring
an advanced project with early development potential. With the assistance of ARMC, Niagara will
now commence its due diligence program which will include verification of the existing resources.
Likely extensions to the high grade oxide mineralisation, the gold association and a conceptual
development plan will also be assessed. Further updates will be provided as this process
progresses.
Yours sincerely
BRADLEY MOORE
Chairman
Enquiries welcome to:
Mike Rosenstreich
Chief Executive Officer
Tel: +61 8 9322 7822
Fax: +61 8 9322 7823
Email: [email protected]