Anglo Australian Resources NL (ASX: AAR) (the Company) confirms that it has now received paymentof the final $900,000 from AuKing Mining Limited (AuKing) (ASX: AKN) with respect to the KoongiePark Project Agreement announced on 25 June 2020 (the Agreement).In accordance with the terms of the Agreement, AuKing has earned a 25% participating interest in theKoongie Park Joint Venture, an unincoporated Joint Venture between the Company and AuKing (JointVenture). AuKing has the opportunity to earn up to a 75% interest in the Joint Venture by fundingexploration and project development studies (as stipulated below).▪ AuKing may earn a further 25% interest in the Joint Venture by incurring expenditure of $1.5million over an initial period of twenty-four (24) months, including expenditure on exploration,testwork and related analysis to establish a commercially viable processing solution for theKoongie Park oxide ores (First Earn-In Milestone).▪ At AuKing’s election, AuKing can earn a further 25% interest in the Joint Venture by incurringadditional expenditure of $1,500,000 over a subsequent twelve (12) month period, includingexpenditure on exploration activities and feasibility studies with a view to establishing miningoperations on the Onedin and Sandiego deposits on the Tenements (Second Earn-In Milestone). Upvote Report ReplyVolume 0%00:0102:07
AKN Price at posting:
29.0¢ Sentiment: None Disclosure: Not Held
