Dynasty Metals Australia Limited Joint Venture Update Tiaro Coal
06.08.2012 | ABN Newswire
Sydney, Aug 6, 2012 - Dynasty Metals Australia Limited (ASX:DMA) refers to its previous announcement on 29 May 2012 in relation to its minority interest of 8.65% in a joint venture company with a subsidiary of Tiaro Coal Limited (ASX:TCM) ('Tiaro Coal').Dynasty Metals has today entered into an agreement with Tiaro Coal to transfer its minority interest in the joint venture company to Tiaro Coal in exchange for 3,000,000 ordinary shares in Tiaro Coal. The TCM shares will be escrowed for 12 months.
Dynasty Metals' Managing Director, Lewis Tay said, 'This transaction is in line with Dynasty Metals' focus of utilising its capital for the ongoing development of its iron ore projects. By converting the JV interest in T956 and T957 into TCM shares, it avoids Dynasty's interest in these tenements being further diluted, yet allowing Dynasty to participate in the overall upside of the TCM coal projects and with greater liquidity on that investment'.
View the full Dynasty Metals Australia announcement below:
http://media.abnnewswire.net/media/en/docs/ASX-DMA-599440.pdf
About Dynasty Metals Australia Limited:
Dynasty Metals Australia Ltd (ASX:DMA) is an emerging Australian iron ore exploration company focused on developing its 100%-owned tenements at Prairie Downs in Western Australia's Pilbara region.
In March 2010, Dynasty announced initial JORC-Compliant Inferred Resources of 453 million tonnes of Detrital Channel Iron and 23.3 million tonnes of Marra Mamba Iron Formation.
The 2010 exploration programs are underway and are aimed at further testing and significantly expanding the current resources, as well drilling a large iron-rich basal conglomerate for the first time. The exploration target is more than 1 billion tonnes of iron.
During 2010, Dynasty plans to commence detailed commercial investigations that will cover preliminary mine planning, beneficiation process design, mining and processing costs, transport infrastructure, capital costs, environment and native title clearances, and government approvals. A pre-feasibility study is anticipated to commence in late 2010.
Contact:
Dynasty Metals Australia Limited
T: +61-8-9426-8999
F: +61-8-9426-8900
www.dynastymetals.com.au
