NWA new world alloys limited

1.6 million in...nice

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    NEW WORLD ALLOYS LIMITED
    ABN 36 060 774 227
    989 Wellington Street, West Perth WA 6005
    PO Box 761, West Perth, 6872, Western Australia
    Telephone (618) 9322 2744 Facsimile (618) 9226 3233
    Email [email protected] Website www.newworldalloys.com
    Ref: C:\Documents and Settings\fionac.BROADWAYMGT\Local Settings\Temporary Internet Files\OLKA5A\ASX Bachelor Project 070716.doc Page 1
    17 July 2007
    ASX Limited
    Electronic lodgement
    Dear Sir / Madam
    RE: BATCHELOR PROJECT
    The board of New World Alloys Limited advise that further to the announcement of 11 July 2007, wherein they advised they had entered into a new agreement with Korab Resources Ltd and Uranium Australia Pty Ltd over the Batchelor project held by the Company’s subsidiary Savanna Mineral Resources Pty Ltd, they are now able to advise the consideration.
    Previously, Korab could earn a 60% interest in the tenements by spending $600,000 over a 4 year period.
    Under the amended agreement Korab Resources and Uranium Australia can now acquire a 90% interest in the tenements in consideration of $200,000 in cash and $1.6m in Uranium Australia Pty Ltd shares. Korab will attend to all historical rehabilitation on the tenements. Savanna will be free carried through to completion of a bankable feasibility study. At that time Savanna will have the option to either contribute to the project on a pro-rata basis, or convert their interest to a 3% net smelter royalty return.
    Yours faithfully
    NEW WORLD ALLOYS LIMITED
    DAVID McARTHUR
    Company Secretary
 
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