Platinum Australia Limited (ASX:PLA) (AIM:PLAA) is pleased to announce it has entered into an Agreement with Japan Oil, Gas and Metals National Corporation (JOGMEC) under which JOGMEC will earn an initial 35% interest in the Stellex North Project by providing US$3.5 funding for exploration over the next 4 years.
The balance of the project will be held by Stellex Platinum (Pty) Ltd (Stellex) a joint venture company currently owned 49% by PLA and 51% by Batsalani Mining & Resources (Pty) Ltd (Batsalani). PLA anticipates increasing its interest in Stellex following the expenditure of an initial $30,000 on work undertaken on the project to date, as provided under the Joint Venture Agreement.
A Prospecting Right has been issued to Stellex covering the project and a detailed aeromagnetic survey and initial geochemical sampling program on the project area is due to be completed in the current quarter.
PLA Managing Director John Lewins said: We are pleased to have entered into this agreement with a partner of the status of JOGMEC, which is a company owned by the Government of Japan and charged with securing a stable supply of natural resources for the country. The agreement will provide the necessary funding to complete our planned exploration programme over the next four years at a time when PLA expects to put significant funding into more advanced projects such as Kalplats and Rooderand to bring them into production. PLA will remain manager of the project
- Forums
- ASX - By Stock
- PLA
- pla enters into agreement with jogmec
pla enters into agreement with jogmec
-
- There are more pages in this discussion • 3 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add PLA (ASX) to my watchlist
Currently unlisted public company.
The Watchlist
LU7
LITHIUM UNIVERSE LIMITED
Alex Hanly, CEO
Alex Hanly
CEO
SPONSORED BY The Market Online