Reward Zinc Project
Perth, July 22, 2016 AEST (ABN Newswire) - Rox Resources Limited (
ASX:RXL) has agreed to sell its 49% interest in a joint venture with Teck Australia on the massive Reward Zinc Project in the Northern Territory for $14.8 million to IMI Zinc Exploration Pty Ltd.
The deal consists of $2 million in cash and $12.8 million in shares (64 million shares @ 20 cents per share).
The offer to purchase Rox's share of the joint venture can be matched by Teck, which has a pre-emptive right to match any offer.
The Reward Zinc Project is the world's largest undeveloped zinc project. Under the terms of the offer, Rox has 30 days to complete due diligence on the offer, and Teck have 60 days from receipt of the offer to exercise its pre-emptive rights to match the offer.
The Teena deposit has an Inferred Mineral Resource of 58 million tonnes grading 12.7% Zn + Pb (11.1% Zn, 1.6% Pb) and the Myrtle deposit has an Inferred and Indicated Mineral resource of 44 million tonnes grading 5.0% Zn + Pb (4.1% Zn, 1.0% Pb).
Based on exploration work to date, Reward is Australia's 7th largest zinc project and has the advantage of sitting next door to MMG's MacArthur River Zinc project.
Managing Director Ian Mulholland answers a range of questions about the sale process and the benefits to Rox shareholders, and talks about the Company's plans to continue generating wealth for its shareholders through the acquisition and development of Australian mineral deposits.
To view the video, please visit:
http://www.abnnewswire.net/press/en/84247/rox
About Rox Resources Limited
Rox Resources Limited (ASX:RXL) is an Australian listed company with advanced gold and nickel projects in Australia. Rox owns a 50% interest in the Youanmi Gold Mine, and wholly-owns the Mt Fisher Gold project and the Fisher East and Collurabbie Nickel Projects, all located in Western Australia.
The Youanmi Gold Mine is the company's flagship project and offers significant upside in both development and exploration potential. Rox co-owns the Youanmi Gold Mine with Venus Metals Corporation Limited (ASX:VMC) through a 50% ownership, with the ability to increase ownership in the mine to 70%. Rox is responsible for the management of the Youanmi Gold Mine.
The Youanmi Gold Mine has a JORC 2012 compliant Mineral Resource Estimate of 12.4Mt at 2.97g/t Au for 1,190,600 ounces of gold, including a 'near surface' portion of 10Mt at 1.65g/t Au for 532,000 ounces of gold.
The Company is well-funded to develop and explore the Youanmi Gold Mine with approximately $11.4 million in cash and receivables.
| ||
|
