what, niplats deposit worth $150 billion us, page-5

CFE certainly do have a stake in Niplats .

I am hoping they take this one out after DMM .

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Friday, November 13, 2009

Cape Lambert takes 37% stake in NiPlats

Australian resources company Cape Lambert Iron Ore (ASX: CFE) has been given the nod to go ahead with an acquisition to take a 37.6% stake in NiPlats, a company developing Australia's largest vanadium deposit.

Cape Lambert, through its subsidiary Mineral Securities Operations, received the green light after shareholders gave it approval to acquire a 37.6% shareholding in NiPlats and secure a strategic stake in the company.

MSOL, a wholly owned subsidiary of Cape Lambert, was acquired by the company as a part of the transaction earlier this year that saw it take on the assets of CopperCo.

Cape Lamber now controls 30 million shares in NiPlats, representing a 37.6% interest with a market value of approximately $17.4 million, based on NiPlats closing share price of 58c on 11 November 2009.

NiPlats is a mining and exploration company whose prime focus is the definition and development of its vanadium, platinum and fluorite discoveries in the East Kimberly region of Western Australian.

The tenements contain a very large vanadium deposit with Indicated and Inferred Resources totalling 851 Mt at 0.32% (at 0.23% V2O5 cut-off grade), comprising an Indicated Resource of 334 Mt at 0.32% V2O5 and an Inferred Resource of 517 Mt at 0.32% V2O5 which includes a high grade zone of 279 Mt at 0.39% (at 0.365% V2O5 cut-off grade), comprising an Indicated Resource of 107 Mt at 0.4% V2O5 and an Inferred Resource of 172 Mt at 0.39% V2O5.

Reconnaissance drilling has also identified very large exploration targets for vanadium at the Red Hill and Buckman Prospects.

This shareholding provides Cape Lambert with a strategic stake in a company developing Australias largest vanadium deposit and is a part of the companys value adding strategy, Tony Sage, chairman of Cape Lambert, said.

We are looking forward to working with NiPlats and its endeavours to achieve maximum returns for NiPlats and its shareholders."