This Ann makes the deal look better Titan are also aquiring an interest in other leases owned by Fox and also the right to farm into any Nickel Discoveries Fox may make .Foxare doing Titans Exploration for them on Fox s leases This could be a Big Bonus Regards Towie
Sale of Radio Hill Treatment Plant and Leases
Document date: Wed 24 Jul 2002 Published: Wed 24 Jul 2002 12:16:52
Document No: 192626 Document part: A
Market Flag: N
Classification: Asset Disposal
TITAN RESOURCES NL 2002-07-24 ASX-SIGNAL-G
HOMEX - Melbourne
+++++++++++++++++++++++++
Titan Resources NL announces that an agreement has been reached with
Fox Resources Limited for the sale of the Radio Hill treatment plant
and associated infrastructure along with three underlying and
associated tenements. Settlement of this transaction is scheduled for
16 September 2002, approximately 10 days after the completion of
mining and milling operations at the mine.
This agreement involves Fox taking over responsibility for all
rehabilitation of the Radio Hill operational area, Tailings Storage
Facility and heap leach test site and paying Titan the sum of
$925,000 cash. The purchase, and assumption of rehabilitation
obligations is subject to approval by various Statutory Authorities
but both parties expect this to be a formality and are actively
working in the planning.
Fox will also have an option for two years, to purchase the Radio
Hill disseminated ore deposit (for S75,000 cash plus a 1 per cent
gross royalty) and the Mt Sholl deposits (for $200,000 cash plus a 1
per cent gross royalty) unless Titan elects to develop either deposit
prior to exercise by Fox. Titan retains a 1 per cent overriding
royalty on production over all of these tenements.
In an associated transaction, Fox has signed a farm-in Agreement with
Titan, whereby Fox may earn a 70 per cent equity in seven Mining
Leases held by Titan (M47/207, 252, 254, 275 and 347 - for all
minerals and M47/344-5 - for precious metals only) by paying the sum
of $50,000 cash and sole funding the next $500,000 of exploration
expenditure. Likewise, Titan has a right of first refusal to farm-in
to any nickel mineralisation found on the Fox-owned M47/357 and five
Exploration Licences, in which Fox holds a 70 per cent equity.
TIR
titan resources limited
