Is this positive or not?Strategic PartnershipAnnounced by:...

Is this positive or not?

Strategic Partnership

Announced by: REEFTON MINING NL (RTM)
Announced on: 28/01/2003 09:57:20
Part: A
Words: 170
Status: Market sensitive (Y)



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REEFTON MINING NL 2003-01-28 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
The Directors are pleased to advise that Reefton Mining NL (the
"Company") has entered into a strategic partnership with Charter
Summit Investments Limited ("the Charter"), a diversified
international investment and operating group with substantial
interests in Namibia.

The Agreement provides for:

* The placement of 14.4 million fully paid ordinary shares for a
consideration of AUD$1,036,800. These securities will be subject to a
voluntary escrow period of twelve months; and

* The sale of a 40% interest in the Company's Namibian subsidiaries,
Storm Diamond Mining Company (Pty) Ltd and Black Range Mining (Pty)
Ltd, for a total consideration of AUD$6,000,000. The subsidiary
companies respectively hold the Skeleton Coast Diamond Project, and
the Erongo Polymetallic Project.

This partnership is seen as a significant development for the Company
as Charter, who are ideally placed to create and cement future
Namibian opportunities and participation, will assist in the
development of the Company's existing activities and the creation of
new resource opportunities.


B S Moore
CHAIRMAN