IRON ORE CLAIMS – EAST PILBARA Royal Resources Limited (“Royal”) wishes to advise the sale of exploration licence applications from Ragged Range Mining Pty Ltd (“RRM”) to Royal. EL No’s 47/1611, 47/1612, 47/1613, 47/1614 and 47/1615 will be transferred when all statutory conditions have been met from the applicant RRM, a company controlled by P G Crabb, a director of Royal. There is no consideration for the transfer save and except the reimbursement of pegging and application costs as well as legal fees for documentation. The figure for application, rent and advertising totals $12,870 the legal fees are not known at this time but expected to be minimal. All the claims are in the iron rich province of the East Pilbara being strategically placed with good hematite grade chip samples evident. EL 47/1615, is the subject of another tenement application will be determined by another party on the same day and both competing applications by ballot in accordance with the provisions of the Mining Act 1978. The Purchaser further acknowledges that the result of the ballot may not be in favour of application of exploration licence 47/1615, in which case that application will be refused and will no longer be included in the Applications. Should the ballot not be won by RRM the area hatched on the attached maps will be retained being a total of 37 square kilometres. Should the ballot go in favour of RRM all the area being a total of 181.5 square kilometres will be available to Royal for exploration.
MFE Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
