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TITAN RESOURCES LIMITED
ASX RELEASE
30 September 2005
Consolidated Nickel Exercise First and Second Stage Option to Purchase Equity in
Armstrong Nickel Project
Titan Resources Limited (“the Company”) is pleased to announce that it’s wholly owned
subsidiary, Australian Nickel Mines NL (“ANM”), has been advised by Consolidated Nickel Pty
Ltd (“CNPL”), a wholly owned subsidiary of Consolidated Minerals Limited, that in accordance
with the Option Agreement entered into on 30 June 2005, CNPL will exercise their right under
both the first and second stage of the option agreement to acquire a 50% interest in the ore
contained within the open cut at the Armstrong Nickel Project (“ANP”) and a 50% interest in
the planned underground mine at the ANP.
Under the terms of the Option Agreement, CNPL paid an option fee of $500,000 which was
largely utilised to carry out technical due diligence on the ANP and to commence preparation of
a business plan for the development of an open pit and underground mine together with
downstream processing of nickel ore from the ANP. On 31 August 2005 CNPL paid a further
$500,000 fee in consideration for a three month extension to the option term to complete both
the first and second stages of the due diligence and in particular to examine commercial
alternatives for ore treatment and concentrate processing. The payment for this extension was
non-refundable but was to be subtracted from the option fee.
The Option Agreement provided CNPL with an option to acquire an interest in the ANP in two
stages. CNPL have today made payment of $2,500,000 and advised that they will exercise
their right under both the first and second stage of the option agreement to acquire a 50%
interest in the ore contained within the open cut at the ANP and a 50% interest in the planned
underground mine at the ANP.
Titan’s Managing Director, Jeff Gresham said, “We are pleased with the commercial outcome for
Titan and look forward to working alongside CNPL in generating value from the Armstrong
Nickel Project. The cash from the option exercise will provide additional funds to enable the
Company to actively pursue our exciting exploration opportunities in the Widgiemooltha area.”
For further information on these matters and on Titan Resources Limited in general please contact:
Mr Jeffrey Gresham, Managing Director / Chief Executive Officer
Titan Resources Limited
PO Box 1073
West Perth WA 6872
Telephone: +61 8 9481 6040