Acquisition of Nickel Rights to the Bounty ProjectAustralian...

Acquisition of Nickel Rights to the Bounty Project
Australian Mines to significantly expand nickel portfolio
Australian Mines (ASX:AUZ) is pleased to announce it has finalised an agreement with Azure
Minerals Limited (ASX: AZS) to purchase the nickel rights to the Bounty Project located
approximately 450km east of Perth. Bounty encompasses some 43km2 of the northern portion of the
Forrestania Greenstone Belt, a renowned nickel province.
Commenting on the deal, Australian Mines Chief Operating Officer Mr Brett Young said, “The Bounty
Project provides Australian Mines with an opportunity to explore in one of Western Australia’s most
nickel-rich regions. The Forrestania greenstone belt has seen significant recent exploration success
at Flying Fox and Digger Rocks. The Bounty tenements contain some 24 strike kilometres of
prospective contact including the contact hosting Cosmic Boy and Digger Rocks.”
Preliminary work conducted by Forrestania Gold NL and Azure Minerals Ltd had intersected nickel
mineralisation (best results include 16m at 1.1%Ni, 3.5m 1.2%Ni, 0.5m at 4.5%Ni,) which will form
the initial focus of the exploration program. Over the next 12 months the Company plans to commit a
minimum of A$250,000 to drilling for nickel.
Under the terms of the agreement, Australian Mines pays Azure A$75,000 for their interest in the
project. Should the company subsequently produce a bankable feasibility study based on a minimum
of 15,000 tonnes of contained nickel, Australian Mines will pay Azure an additional A$1,000,000.
Upon production of a bankable feasibility study, Australian Mines will be deemed to have earned a
70% joint venture interest in the tenements with Montague Resources Australia Pty Ltd retaining a
30% interest. Australia Mines can proceed to 80% by payment of a further sum of A$800,000 for each
individual tenement (5 in total).
The Company has added another highly prospective nickel project following on from the acquisition of
the Harmony nickel tenements announced earlier this month.