It’s all good guys, let the SP rocket17 Apr 2024 07:15
Empire Metals Limited / LON: EEE / Sector: Natural Resources
17 April 2024
Empire Metals Limited
("Empire" or "the Company")
Pitfield Project Joint Venture Agreement to Include All Minerals
Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and development company, is pleased to announce that the terms of the Joint Venture Agreement ('JV') covering the Pitfield Project in Western Australia ('Pitfield' or the 'Project') have been amended to include all minerals discovered within the Project tenements.
Under the revised terms of the 70% Empire and 30% Century Minerals Pty Ltd ('Century') JV, there are no exemptions or other separate mineral rights applying to Pitfield. The consolidation of all minerals under the one JV simplifies the ownership structure and eliminates the potential for multiple parties to be working on the same ground, exploring for different commodities and allows for the continued rapid development of Pitfield.
Highlights
· Under the original terms of the Sale and Purchase Agreement (dated 6th April 2022) Century retained 100% of the rights to Mineral Sands and the JV retained 100% of all mineral rights to any and all bedrock mineral deposits, inclusive of titanium minerals.
· Although both Empire and Century have made it clear that the titanium mineralisation discovered at Pitfield, hosted within the bedded sedimentary bedrock, was not classified as Mineral Sands and thus formed part of the existing JV property, the consolidation of all minerals under the JV prevents other potential third parties in the future from exploring for other minerals and allows for the continued and unencumbered development of Pitfield.
· Under the amended agreement, Empire has secured a redefinition of rights at the Pitfield Project, to 70% of all minerals present regardless of their physical or chemical nature, for a consideration of A$250,000 (approximately £129,000). This investment is aimed at continuing to create value for all shareholders.
· The consideration will be funded from existing cash reserves and will not impact the Company's strong financial position and fully funded work programmes.
Ed Baltis, Century Director and Major Shareholder, said: "We always held the view that Pitfield had the potential of becoming a world class mining project and we are delighted with the progress that is being made towards that goal under the stewardship of Empire Metals. The fact that the titanium-rich mineral system discovered at Pitfield is not a mineral sands deposit was never in question, and both Empire and Century have worked together to first explore the extent of this extraordinary mineral system and then to identify geological controls that define the higher grades. The consolidation of all minerals under the JV was a logical and strategically important next step, one that supports Empire and allows them to focus on unlocking the inherent value of this huge titanium-rich
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