Company Announcement: South African Government approval
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Midwinter Resources NL is pleased to announce that it has been granted official approval by the South African Department of Mineral resources to complete the acquisition of Capricorn Iron (Pty) Ltd, the Company’s South African operating subsidiary. The transaction as announced on 10 June 2010 has provided Midwinter access to a controlling interest in a significant magnetite province. At the time of entering into the agreement, the iron ore potential was demonstrated by a 28km long magnetic anomaly and minor outcrop. Work undertaken by Midwinter has identified significant further iron occurrences throughout the Limpopo Province, over a length of 270 km. Since identifying the vast iron ore potential, Midwinter has significantly increased its holding in the area.
Drilling on granted tenure at Northern Lights has resulted in production of magnetite concentrates of excellent quality. Typically 80-90% of the iron can be recovered in a magnetic concentrate exceeding 69% Fe at a grind size of 150 microns. Impurity levels are very low (SiO2<2.5%, Al2O3<1.5%, P<0.01) Under the terms of the acquisition agreement, Midwinter is required to issue a further 5 million shares to increase its beneficial interest in Capricorn Iron (Pty) Ltd to 70%. The remaining 30% is held by the Nkgapu Group, Midwinter’s partners in the Limpopo region.
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