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HAMPTON HILL MINING NL TRANSACTION
Midwest Corporation Ltd (Midwest) is pleased to announce that it has entered into agreements with Hampton Hill Mining NL (Hampton) whereby the two companies will cooperate in the exploration and potential development of their adjacent tenement holdings situated in the Weld Ranges, some 60 kilometres north west of the township of Cue, Western Australia. The agreements give Midwest the right to explore for and gain majority ownership of any iron ore resources that may occur on the Hampton tenement holdings and while Hampton will have the opportunity to explore for and own any non ferrous minerals occurring within certain of the Midwest tenement holdings.
On the Hampton tenements, Midwest must undertake a minimum of 2,500 metres of drilling within 12 months and then may complete a Pre-feasibility Study (PFS) within a further 4 years in order to earn a 60% interest in the iron ore rights. Upon the completion of the PFS and dependant on the planned project configuration, Hampton will have a number of options including contributing its pro-rata share of project development costs, offering its interest for sale or converting to a 2% free on board royalty.
On the Midwest tenements, Hampton has no interest in the iron ore rights but has the right to explore for and seek the excision of any base metal, gold or platinum group resources provided that they do not interfere with any planned iron ore operations of Midwest and will pay Midwest a 1.5% net smelter return royalty on any non ferrous resource that is developed.
Access to the iron ore rights on the Hampton tenements adds further potential to Midwest’s proposed Weld Range project and will be included in the Co-operation Agreement to be negotiated with Sinosteel Corporation following the signing of a Framework Agreement with SInosteel Corporation on 17 June 2005.
For and behalf of the Board,
Desmond Kelly
Company Secretary