ASX Announcement
24 January 2006
Pioneer Nickel to fund up to A$5.25m in Golden Ridge Project, WA
Joint venture to explore for nickel surrounding Blair Nickel Mine
Australian Mines Limited (ASX: AUZ) is pleased to announce the forming of a joint venture with Pioneer Nickel Limited (ASX: PIO, “Pioneer”) that will focus on sulphide nickel exploration on the areas surrounding the company’s Blair Nickel Mine, south of Kalgoorlie, WA.
Under the agreement, Pioneer will earn a 51% interest in the Golden Ridge joint venture by expending A$2.25m on exploration within three years. Australian Mines can then either contribute on a pro rata 49% basis or Pioneer can earn up to a 70% interest should it fund an addition $3.0m in exploration or complete a feasibility study within the initial 3 years, with no expenditure commitment from Australian Mines.
Commenting on the agreement, Australian Mines Chief Operating Officer, My Brett Young said, “We are very glad to be partners with Pioneer Nickel, who specialises in sulphide nickel exploration in Western Australia. Pioneer has an excellent and very experienced exploration team that will manage the advancement of Golden Ridge Nickel Sulphide Project.
“Should exploration prove successful and a mine ultimately developed, synergies may arise with much infrastructure already in place at the Blair Nickel mine.
“The agreement also allows Australian Mines to continue its dual focus of mining, extending resources and mine life at Blair Nickel mine and developing the very promising Duplex Hill South (Woodline1) gold project.”
The joint venture agreement provides Pioneer with earn-in rights only to nickel resources within the project area, significant given that the region is also prospective for precious metals.
For further information, contact:
Brett Young
Chief Operating Officer
Tel: 08 9481 5811
24 January 2006
Pioneer Nickel to fund up to A$5.25m in Golden Ridge Project, WA
Joint venture to explore for nickel surrounding Blair Nickel Mine
Australian Mines Limited (ASX: AUZ) is pleased to announce the forming of a joint venture with Pioneer Nickel Limited (ASX: PIO, “Pioneer”) that will focus on sulphide nickel exploration on the areas surrounding the company’s Blair Nickel Mine, south of Kalgoorlie, WA.
Under the agreement, Pioneer will earn a 51% interest in the Golden Ridge joint venture by expending A$2.25m on exploration within three years. Australian Mines can then either contribute on a pro rata 49% basis or Pioneer can earn up to a 70% interest should it fund an addition $3.0m in exploration or complete a feasibility study within the initial 3 years, with no expenditure commitment from Australian Mines.
Commenting on the agreement, Australian Mines Chief Operating Officer, My Brett Young said, “We are very glad to be partners with Pioneer Nickel, who specialises in sulphide nickel exploration in Western Australia. Pioneer has an excellent and very experienced exploration team that will manage the advancement of Golden Ridge Nickel Sulphide Project.
“Should exploration prove successful and a mine ultimately developed, synergies may arise with much infrastructure already in place at the Blair Nickel mine.
“The agreement also allows Australian Mines to continue its dual focus of mining, extending resources and mine life at Blair Nickel mine and developing the very promising Duplex Hill South (Woodline1) gold project.”
The joint venture agreement provides Pioneer with earn-in rights only to nickel resources within the project area, significant given that the region is also prospective for precious metals.
For further information, contact:
Brett Young
Chief Operating Officer
Tel: 08 9481 5811
Email Subscription
Latest News
Production Increases Significantly
Australian Mines has achieved its best quarterly production result since the June 2005 quarter at the 100%-owned Blair Mine, located 32 kms from Kalgoorlie in W.A.
Australian Mines has achieved its best quarterly production result since the June 2005 quarter at the 100%-owned Blair Mine, located 32 kms from Kalgoorlie in W.A.
Continuing Strong Drill Results
Australian Mines continues to intersect significant mineralisation in its 2008 resource drilling at Blair Deeps at the Blair Mine, located 32km from Kalgoorlie WA.
Australian Mines continues to intersect significant mineralisation in its 2008 resource drilling at Blair Deeps at the Blair Mine, located 32km from Kalgoorlie WA.
Significant High Grade Drill Intersection at Blair
Australian Mines (ASX:AUZ) has recommenced 2008 resource definition drilling at Blair Deeps with drilling initially targeting the high grade E03C shoot below current workings at the Blair Nickel Mine located 32kms from Kalgoorlie.
Australian Mines (ASX:AUZ) has recommenced 2008 resource definition drilling at Blair Deeps with drilling initially targeting the high grade E03C shoot below current workings at the Blair Nickel Mine located 32kms from Kalgoorlie.
Nickel Production Expected to Grow in 2008
Australian Mines is forecasting a continuation of improving production at its 100%-owned and operated Blair Nickel Mine following good progress with the development of the Blair Deeps orebody.
Australian Mines is forecasting a continuation of improving production at its 100%-owned and operated Blair Nickel Mine following good progress with the development of the Blair Deeps orebody.
Resource Update - Marriott's Nickel Project
Australian Mines (ASX:AUZ) is pleased to announce a 25% increase in resources at its 100% owned Marriott's nickel project, following the completion of Phase 1 infill diamond drilling
Australian Mines (ASX:AUZ) is pleased to announce a 25% increase in resources at its 100% owned Marriott's nickel project, following the completion of Phase 1 infill diamond drilling
Update: Marriott's Nickel Project
Australian Mines Limited (ASX: AUZ) is pleased to announce another impressive high grade intercept from resource definition diamond drilling at the Marriott's nickel project, which is 65 km from Leinster in W.A.
Australian Mines Limited (ASX: AUZ) is pleased to announce another impressive high grade intercept from resource definition diamond drilling at the Marriott's nickel project, which is 65 km from Leinster in W.A.
Copyright © 2008 Australian Mines | Disclaimer | Privacy