Manhattan Corporation Limited (ASX:MHC) Divests Interest in Siccus Uranium Project South Australia

Manhattan Corporation Limited (ASX:MHC) announces that it has entered into an agreement with Strategic Minerals Corporation NL (ASX:SMC) subsidiary Signature Resources Pty Ltd for Signature to acquire the 90% interest in Manhattan's Siccus Uranium project in South Australia ("Agreement").

Strategic's corporate group company, Signature, has entered into an agreement with Manhattan whereby Signature will acquire Manhattan's 90% legal and beneficial interest in EL 4527 (South Australia) (Signature is the holder of the other 10%) known as the Siccus project. Subject to approval of the South Australian Minister for Primary Resources and Industry (Minister), Manhattan has agreed to transfer its interest in the tenement in consideration of Signature agreeing to satisfy the outstanding tenement obligations of Manhattan over the tenement. Signature has satisfied the outstanding tenement obligations of Manhattan over the tenement and the parties are now awaiting approval of the Minister. Upon completion of the transaction, Signature will become the legal and beneficial holder of a 100% interest in EL 4527.

About Manhattan Corporation Limited

Manhattan Corporation Limited (ASX:MHC) is a well funded uranium company with a significant uranium oxide resource of 17.2Mlb and a further drilled potential of 2.5Mlb to 5.5Mlb reported for the Double 8 deposit in Western Australia. In addition there has been mineralisation potential based on drilling reported for Stallion South, Highway South and Ponton prospects of 31 to 62Mlb. There remains substantial exploration upside yet to be drill tested along the Palaeochannels at Ponton that will expand this resource base.

Manhattan's strategy for growth is to expand the resource and advance the Ponton uranium deposits to mine development stage and, by merger and acquisitions, to acquire additional quality uranium resources that can be developed into producing mines in the near term.

 

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Strategic Minerals Corporation Nl

Manhattan Corporation Limited