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Kidman expands WA lithium project with farm-in deal over neighboring ground

2017-03-20 16:17:38  【Print】
BEIJING (Asian Metal) 20 Mar 17 - Kidman Resources Limited (Kidman or the “Company”) announced that it has inked an earn-In agreement with Western Areas covering 19 tenements immediately adjacent to Kidman’s world-class Earl Grey lithium deposit near Southern Cross in WA.Asian Metal Copyright The tenements host an extension of Earl Grey and extend throughout the prospective Forrestania lithium belt.Asian Metal Copyright Under this farm-in agreement, Kidman will issue Western Areas 6.Asian Metal Copyright0m over two years to earn 70%; and Western Areas is free carried to a decision to mine should Stage 2 be completed.Asian Metal Copyright3m shares, escrowed for six months.

Earl Grey is already one of the biggest known hard-rock lithium deposits in the world with a JORC Resource of 128Mt at 1.Asian Metal Copyright .Asian Metal Copyright44% Li2O.Asian Metal Copyright Kidman has already commenced an extensive evaluation of the district using existing regional datasets and will immediately set-about evaluating the targets identified within this new Joint Venture package.Asian Metal Copyright The tenements host an extension of Earl Grey and extend throughout the prospective Forrestania lithium belt.

Kidman has already commenced an extensive evaluation of the district using existing regional datasets and will immediately set-about evaluating the targets identified within this new Joint Venture package.

Under the agreements, Kidman will to earn-in on the following basis:
  • Stage 1 – Kidman can earn 50% by spending A$5.Asian Metal Copyright Under the agreements, Kidman will to earn-in on the following basis: Stage 1 – Kidman can earn 50% by spending A$5.Asian Metal Copyright0m over three years with a minimum of A$1.5m being spent in the first twelve months; 
  • Stage 1 – at the end of Stage 1, Western Areas has the right to co-contribute with further exploration expenditure on a 50:50 basis with Kidman; 
  • Stage 2 – Where Western Areas elects not to co-contribute at the end of Stage 1, Kidman may elect to spend a further A$4.0m over two years to earn 70%; and 
  • Western Areas is free carried to a decision to mine should Stage 2 be completed.

.Asian Metal Copyright .Asian Metal Copyright

Lithium Chloride

LiCl 99.3%min Na 0.003%max China

Unit:RMB/mt
Chna's lithium hydroxide monohydrate producers; number (ratio) MoM inventory decrease statistics by province by month
Unit: %
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