Callabonna held 100% interests in EPM Applications (EPM Applications 17835, 17836 and 17843) located near Aurukun and Weipa on the Cape York Peninsula in Northern Queensland and cover ground that is prospective for bauxite mineralisation.
In October 2011 Callabonna announced that it has signed an Agreement with McKay Brook Resources Pty Ltd (‘McKay Brook’) to transfer its interests in the three Cape York tenements to McKay Brook.
Key terms of the agreement are as follows: •an initial payment to Callabonna of $50,000; •a second payment of $100,000 to Callabonna following the registration of title with McKay Brook of EPMs 17843 and 17836; and •a success fee of $2,000,000 payable to Callabonna upon completion of a pre-feasibility study on any of the tenements at any time in the future.
McKay Brook is a Queensland based explorer that has mineral and coal interests throughout central/north Queensland.
As at September 2012 only EPM 17836 has been transfered so the deal is still pending completion.
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