Carpentaria Exploration Limited (ASX:CAP) Receives Further A$5m For Burta BMG Joint Venture
Sydney, June 16, 2010 AEST (ABN Newswire) - Carpentaria Exploration Limited (
ASX:CAP) is pleased to announce that a further A$5 million payment has been confirmed, the funds have been received as part of a staged payment plan which will total A$13.0M. Carpentaria has now received A$11m from its joint venture partner Bonython Metal Group Pty.Ltd.(BMG), comprising A$3m for Carpentaria and A$8m to fund exploration in the Burta BMG JV. There is now one more payment of A$2M cash for Carpentaria in this phase of the JV due in next four weeks.
As announced yesterday, Two drill rigs, one diamond (DD) and one reverse circulation (RC) have commenced drilling on the Burta BMG JV. A third rig (RC) will commence this week. The aim of the drilling is to test all magnetic sources for depth of cover and the quality and thickness of magnetite mineralization to identify areas for potential detailed resource definition. A total of 5,000m of drilling will be undertaken during this initial phase.
Carpentaria's Executive Chairman Nick Sheard said, "The receipt of this tranche completes payments of A$8M of drilling exploration funding at the Burta-BMG JV which gives us great confidence in being able to quickly progress the Hawsons Iron Project to resource definition and pre-feasibility study. The direct cash payments to Carpentaria will enable us to continue exploration development on our 100% project portfolio in the world class Broken Hill mineral province."
About Carpentaria Resources Ltd
Carpentaria Resources Ltd (ASX:CAP) is focussed on delivering the best quality iron concentrates into the growing premium end of the iron ore market.
The Company aims to build a long term, low cost premium quality iron ore business from the development of its flagship asset, the Hawsons Iron Project, utilising existing infrastructure.
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