Ann: ASQ receives $1 million for Quartz Hill Development, page-2

Starting to look real,

Australian Silica Quartz Group Ltd (‘ASQ’ advises receipt of the $1 million fee from Private Energy Partners Pty Ltd (‘PEP’ under the recently announced Project Development Heads of Agreement on ASQ’s 100% owned Quartz Hill MGSi Quartz Project in North Queensland. This fee is for the exclusive right to purchase 10 million tonnes of MGSi Quartz (Metallurgical Grade Silicon Quartz Lump feedstock) from the mine gate at Quartz Hill at a 10% discount to the prevailing MGSi Quartz market price or such price that would constitute a fair market return to ASQ (whichever is the greater).