MACARTHUR SIGNS BINDING TERM SHEET WITH GOLD VALLEY YILGARN, ON RIGHT TO MINE
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Key Terms of the Right to Mine Agreement
- Gold Valley granted the right to mine hematite ore from the
Lake Giles Ularring Hematite Project - Macarthur retains legal and beneficial ownership of all tenements.
- Gold Valley is responsible for all expenses necessary to maintain the tenements covered by the Agreement in good standing.
- Gold Valley is required to pay all State Government Royalties.
- Gold Valley must secure all necessary regulatory, statutory and other approvals required to commence mining.
- The Agreement shall continue for life of mine.
- The parties shall negotiate, finalise and execute a detailed agreement within 45 days of the execution of the Agreement.
- Gold Valley granted the right to mine hematite ore from the
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Gold Valley to pay Macarthur the following consideration:
- A payment of
A$250,000 , is payable upon the signing of the Term Sheet on13 June 2024 (the Effective Date) - A payment of
A$250,000 on30 September 2024 - A payment of
A$250,000 on31 December 2024 -
A$5,000,000 upon the extraction and sale by Gold Valley of 1,000,000 dry metric tonnes (DMT) of Direct Shipping Ore (DSO) from theLake Giles Project -
A$5,000,000 upon the extraction and sale by Gold Valley of an additional 1,000,000 dry metric tonnes of DSO from theLake Giles Project ; and - A royalty payment of
A$1 (one dollar ) for all additional tonnes mined by Gold Valley beyond the initial 2,000,000 DMT for the life of mine
- A payment of
"I express my gratitude to all the members of the Macarthur team and extend my congratulations to Gold Valley on securing the Right to Mine Agreement. This milestone marks a significant initial stride in advancing our valuable iron ore assets in
Exploration for hematite mineralisation commenced in 1997. To date, Macarthur has completed 1,626 drill holes totalling 92,259 metres. Mine planning work was undertaken in 2021 on the Snark an Drabble Downs deposits (shown in figure 1). These deposits are located within fully granted mining leases and will be the focus of the mining operation to be undertaken by Gold Valley.
Gold Valley companies are a multi-sector conglomerate consisting of interests in mining, agriculture (vineyards) and energy. Based in
Gold Valley recently acquired the
Released On behalf of the Board of Directors, Mr
No new information
The Mineral Resource and Ore Reserve estimates presented above have previously been released to the ASX on
Company profile
Macarthur is an iron ore development, and lithium exploration company that is focused on bringing to production its
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Caution Regarding Forward Looking Statements
Certain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws. All statements herein, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including but not limited to statements regarding expected completion of the Feasibility Study; conversion of Mineral Resources to Ore Reserves or the eventual mining of the Project, are forward-looking statements. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to: unforeseen technology changes that results in a reduction in iron or magnetite demand or substitution by other metals or materials; the discovery of new large low cost deposits of iron magnetite; the general level of global economic activity; failure to complete the FS; inability to demonstrate economic viability of Mineral Resources; and failure to obtain mining approvals. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
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