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Segue gets JV partner for Pardoo

1st April 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed junior Segue Resources has inked a joint venture agreement that could result in Port Exploration acquiring a majority stake in the Pardoo project, in the Pilbara.

Under the terms of the agreement, Port could acquire a 51% in the project area by spending A$250 000 on exploration, within a 12-month period. An additional 29% could be acquired by spending a further A$250 000 by no later than 12 months after the Stage 1 earn-in.

Once Port has earned its 80% interest in the project, Segue had the right to sell its 20% shareholding in the project for shares in Port, subject to the necessary approvals.

“The joint venture with Port Exploration will enable sufficient cash and technical resources to be spent at the  Pardoo project over the next two years, thereby allowing Segue to concentrate its exploration on the Plumridge nickel project," said Segue MD Steven Michael.

The Pardoo project is estimated to host an inferred resource of 23-million tonnes, grading 0.41% nickel 0.13% copper.

Edited by Creamer Media Reporter

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