OZ JV with the legend
Legend Mining announced today that the minerals OZ has decided not to go further with the Gibson million tons of zinc-copper-gold joint venture.
In May 2007, Legend announced it had signed a farm and a joint venture agreement with Oz (while Oxiana), OZ entitlement to earn 75% interest in the project by spending $ 10 million seven-year exploration.
OZ has completed the first phase of the agreement for the cost of the minimum spending requirement of 1.2 million dollars during the first 18 months, after which is removable.
Legend CEO Mark Wilson said the company understands the reasons for the decision to OZ to withdraw from the joint venture.
"Both sides in the joint venture envisages This results in the development of the employment contract, he said.
"The drilling carried out by OZ Minerals has provided useful information to define the forecast horizon "zinc", which can be used in planning future activities. "
The Mt Gibson project consists of 215 square kilometers of exploration properties and mining, and a gold mine with the factory and infrastructure of being in the care and maintenance.
Caption find 100% of the project, 290 kilometers northeast of Perth.
MiningNews.net Wilson said the company evaluates its priorities before deciding on the next course of action.
"I guess, to be Frank, it's time to think we can work until our spending commitments really are and where we choose the best way to spend this money, "he said.
The company currently has $ 12 million in cash.
"We manage what we have before us in all circumstances", says Mr. Wilson.
OZ has recently announced it was conducting a strategic review of its portfolio and spending. The company will review their databases and are intended to define the resources additional.
In September OZ removed Wilcherry Hill zinc-lead-silver joint venture with Trafford Resources.
Last month, the company Menninnie Dam has retired TERRAMIN JV with Australia, and a joint venture with Drake resources covering properties in Sweden and Queensland.
Caption Actions in mining remained at 7 C this morning while OZ Minerals fell 6% or 5.5 ca 83C.
About the Author:
http://www.cnmining.org/news/?id=368
Article Source: ArticlesBase.com - Oz Pulls Out of Jv With Legend
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