Company Announcement: Apollo Secures Farm-In and JV Agreement with Mincor Resources
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Apollo Minerals Ltd is pleased to announce it has agreed the terms of an exploration farm-in and joint venture agreement with Mincor Resources NL over exploration licence EL4932 in South Australia. Apollo is actively progressing the development of an iron ore operation at Commonwealth Hill and is vigorously exploring the project area for further iron and base metals mineralisation. The EL4932 Agreement provides Apollo with improved access and infrastructure site selection options for its proposed iron ore development as well as a large, prospective land holding from which the Company hopes to expand its iron and base metals interests.
Under terms of the earn-in agreement, Apollo may earn a 75% interest in exploration licence EL4932 by sole funding exploration totalling AUD$2M over a 3 year period. Apollo has committed to a minimum exploration spend of $250,000 on EL4932 during the first year of the farm-in with Mincor. At the completion of the farm-in, Mincor may elect to convert its residual 25% interest into a gross production royalty of 3.5% on gold, 2.5% on base metals and 1.5% on all other minerals. On conversion Apollo would pay Mincor an amount equal to 25% of the total monies spend on exploration during the farm-in expected to be $500,000.
Dominic Tisdell, Chief Operating Officer said:
“This agreement further strengthens Apollo’s position in what is a highly prospective iron ore and base metals province and is another demonstration of our commitment to develop the minerals potential of the region. Through hard work and careful planning we look forward to sharing the rewards of what is shaping up to be a very promising joint venture.”
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