News: ORN Orion Minerals Enters Into Agreement With Industrial Development Corporation Of South...

Sept 7 (Reuters) - Orion Minerals Ltd (ORN) :

• HAS ENTERED INTO NON-BINDING TERM SHEETS WITH INDUSTRIAL DEVELOPMENT CORPORATION OF SOUTH AFRICA LIMITED
• ENTERED INTO NON-BINDING TERM SHEETS ALSO WITH LULAMILE XATE
• IDC FUNDING OF PRE-DEVELOPMENT COSTS IN AMOUNT OF ZAR 34.579M WILL BE ADVANCED TO NEW OKIEP MINING COMPANY
• ORION MINERALS LTD - IDC TO INITIALLY BECOME A 43.75% SHAREHOLDER IN NEW OKIEP MINING COMPANY PROPRIETARY LTD
• TERM SHEET FOR FUNDING & HISTORICALLY DISADVANTAGED SOUTH AFRICAN OWNERSHIP PARTICIPATION ARRANGEMENTS FOR NEW OKIEP MINING CO
• IDC TO ADVANCE ITS PRO RATA SHARE OF ZAR79.037 MILLION TOTAL BUDGETED PRE-DEVELOPMENT OPERATING COSTS OF NOM
• NOM ACQUIRING PROSPECTING RIGHTS & RECENTLY GRANTED MINING RIGHT FROM SOUTHERN AFRICAN TANTALUM MINING PROPRIETARY
• UPON NOM ACQUIRING SAFTA ASSETS, IDC WILL SELL 22.22% OF ITS SHARES IN NOM TO A BEECO