MGV- FA post SPP

171,571,206 Shares on issue

T20- 57.1m Director holdings not included in T20- 2.2m

Top 5 Holders

	Column 1	Column 2	Column 3	Column 4
0	1	SILVER LAKE RESOURCES LIMITED/INTEGRA MINING LIMITED	9,548,387	5.57%
1	2	INDEPENDENCE GROUP NL	9,027,000	5.26%
2	3	ABN AMRO CLEARING SYDNEY NOMINEES PTY LTD	6,972,526	4.06%
3	4	BARRICK (AUSTRALIA PACIFIC) LIMITED	6,000,000	3.50%
4	5	CITICORP NOMINEES PTY LIMITED	3,444,200	2.01%

Cash Balance- as at 30th June prior to raise $2.1m
Proceeds from Placement- $2.734m
Total current Estimated cash balance- Circa $4.5m

Current m/cap- $11.8m

The main focus is the Cue Project, a Silver Lake resources farm-in and JV. Commercial Terms were:


 $900,000 minimum commitment on exploration expenditure on the Project within 12 months of Commencement. tick

 Musgrave to earn an initial 60% interest with a further spend of $1,800,000 within a further 2 years.

 Upon completion of one of the Project Milestones referred to below, Musgrave will, at its election, either pay Silver Lake $250,000 cash or, subject to obtaining shareholder approval, issue to Silver Lake that number of fully paid ordinary Musgrave shares with a total issue value of $250,000:

 Delineation of an additional JORC (2012) compliant inferred mineral resource of 400,000 ounces gold; or
 An additional JORC (2012) compliant inferred mineral resource of 80,000 tonnes copper.

 Musgrave may elect to increase its equity in the Project to 80% by spending a further $1.8M within a further 2 years.

 If a party dilutes below 10%, its joint venture interest will convert to a 1.5% net smelter royalty.

 Upon a Decision to Mine Musgrave will, at its election, either pay Silver Lake $250,000 cash or, subject to obtaining shareholder approval, issue to Silver Lake that number of fully paid ordinary Musgrave shares with a total issue value of $250,000.

Interpretation of commercial terms based on current position

-60% of project will be achieved based on current cash.
-Another raise will be required to earn the full 80%
- NSR of 1.5% will be payable to SLR upon commencement of mining

As per Jun 2015
Current gold resource 160,000 oz inferred (a further 280,000 oz required)
Current copper resource 38,000 tonnes inferred (a further 42,000 tonnes required)

According to Rob Waugh managing director a "Total spend $4.5m within a 5 year period for 80%"
http://boardroom.media/broadcast/565d41c438d6627d2dad35e1/musgrave-secures-the-advanced-cue-project

Worth noting
EIS Drilling Grant for Cue The Company has been awarded funding of $150,000 to co-fund drilling on the Project.

History

Musgrave Mineral was the result of Mithril Resources, Independence Group, Goldsearch, Integra Mining, Argonaut Resources & Barrick Australia vending their tenements across the South Australian portion of the Musgrave Province in return for a stake

They still have tenements covering an area of 25,000km2 - approximately 2.5 per cent of South Australia.




Any thoughts?