Platinum Australia Limited (ASX:PLA) (AIM:PLAA) is pleased to announce it has entered into an Agreement with Japan Oil, Gas and Metals National Corporation (JOGMEC) under which JOGMEC will earn an initial 35% interest in the Stellex North Project by providing US$3.5 funding for exploration over the next 4 years.
The balance of the project will be held by Stellex Platinum (Pty) Ltd (Stellex) a joint venture company currently owned 49% by PLA and 51% by Batsalani Mining & Resources (Pty) Ltd (Batsalani). PLA anticipates increasing its interest in Stellex following the expenditure of an initial $30,000 on work undertaken on the project to date, as provided under the Joint Venture Agreement.
A Prospecting Right has been issued to Stellex covering the project and a detailed aeromagnetic survey and initial geochemical sampling program on the project area is due to be completed in the current quarter.
PLA Managing Director John Lewins said: We are pleased to have entered into this agreement with a partner of the status of JOGMEC, which is a company owned by the Government of Japan and charged with securing a stable supply of natural resources for the country. The agreement will provide the necessary funding to complete our planned exploration programme over the next four years at a time when PLA expects to put significant funding into more advanced projects such as Kalplats and Rooderand to bring them into production. PLA will remain manager of the project
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