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Provider: Reuters Investment Profile
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Pilbara Minerals Ltd Enters Memorandum of Understanding (MOU) With Fox Resources Limited
Pilbara Minerals Ltd announced the signing of a non-binding Memorandum of Understanding with Fox Resources Limited in relation to the development of 10 of Pilbara’s 14 exploration tenements in the West Pilbara region of Western Australia. The two companies will work to finalising a formal farm-in agreement and establishing a joint venture to carry out exploration activities within the tenements, which are considered to be prospective for base metals, platinum group elements and/or gold mineralisation. Under the proposed farm-in agreement and joint venture, Fox Resources will acquire up to an 80% interest in the tenements, in return for carrying out exploration activity. The earn-in programme will take place over three stages, commencing early 2013. Fox will make an upfront cash payment of AUD150,000 to Pilbara Minerals to earn 40%, and the remaining 40% will be able to be earned by Fox in three stages over a period of up to three years for yearly expenditure by Fox of AUD 565,000 in each of the first two years and AUD 839,000 in the third.
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