FMG RESOURCES PTY LTD FARM-IN TO CANOBIE HIGHLIGHTS Farm-In and Joint Venture Agreement (FJV) executed with Fortescue at Canobie
FMG to spend up to $8M over 6 years to earn up to 80% joint venture interest; includes up to 6,000m basement drilling.
Due to a wet season starting early late last year they only got a couple months worth of drilling last year. You can’t drill in the wet season in northern qld so id expect drilling to commence there in the next month or so too.
FMG have committed 8 million to drilling and our market cap is 8.9 million crazy hey.
Ann: Investor Presentation, page-192
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