news flash rmg copper jv with copper road inc, page-59

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http://www.secinfo.com/d12K7a.u5e.htm

# Recent Developments

# On October 25, the Company entered into a Joint Venture Agreement with Springfield Minerals Pty Ltd., and RMG Limited, to acquire up to an 80% interest in two exploration tenements located near Leigh Creek in Western Australia, held by Springfield, by spending $5 million within three years.

# Lake Frome Project

On October 25, 2007 the Company entered into a Joint Venture Agreement with Springfield Minerals Pty Ltd., and RMG Limited, both of Cottesloe, Western Australia. Under the Joint Venture Agreement, Springfield has agreed that the Company may acquire up to an 80% interest in two exploration tenements held by Springfield by spending $5 million within three years in these tenements in Western Australia.


The project areas are located to the East of Leigh Creek 570 kms North of Adelaide in South Australia. Tenements that make up the four project areas are Exploration License 3812 that makes up an area of 466 square kilometers and is situated 50 kilometers east of Leigh Creek and exploration license 3813 that makes up an area of 122 square kilometers and is situated 85 kilometers east of Leigh Creek. The tenements are in the northern part of the Adelaide Geosyncline, a deformed sedimentary basin of Late Proterozoic to Middle Cambrian age, flanked by crystalline basement complexes of the Gawler and Curnamona Cratons. Lead, zinc and copper mineralization is found throughout the geosynclines generally associated with Cambrian marine shelf carbonate lithologies.


Under the terms of the agreement, Copper Road must spend $2 million to earn an initial 40% interest in the joint venture. Copper Road may spend an additional $3 million for an additional 40% interest (total 80%). Upon earning the 80% interest, Copper Road will have the right to offer to convert the remaining 20% to a 5% Net Smelter Return. Springfield has a right to reject this offer.