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Bass extends exploration reach to Turkey

30th July 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Junior developer Bass Metals has signed a memorandum of understanding (MoU) with a private Turkish group to investigate the viability of Turkish assets.

Under the nonbinding MoU, the two companies would jointly acquire, explore and develop mining projects through a joint venture (JV) company.

In February, Bass announced its intention to diversify its project portfolio after completing the sale of its Hellyer mill operations.

ASX-listed Bass said on Tuesday that the MoU followed an in-depth evaluation of Turkish mining opportunities, as the country was underexplored, had a progressive minerals and commercial policy framework and high-quality regional infrastructure.

MD Mike Rosenstreich said that Turkey was attracting an increasing global interest, spurred on by recent changes to the mining law and its strong prospectivity for new mineral deposits.

“This is a low-cost initiative for Bass to start an ongoing business-building process in a terrain renowned for large-scale, high-grade polymetallic deposits. Turkey features well in the latest Fraser Institute survey, ranking 22 out of 96 for the index of mineral potential; that’s higher than Ghana and many of the Australian states and territories.”

Rosenstreich said that Bass and its JV partner had a common vision to create a significant local mining company by establishing a project pipeline, which, in time, was planned to include production assets.

Edited by Creamer Media Reporter

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