UMC 0.00% $1.30 united minerals corporation nl

even roy can sell worthless land!

  1. 254 Posts.
    Disposal of Mt Margaret and Mt Lockyer tenements
    As a result of the continuing review of ground held under exploration licence Royal has concluded
    that E47/1611 (Mt Margaret) and E47/1612 (Mt Lockyer) are not core assets to Royals activities.
    These licences are located in the Hamersley Basin (Figure 3) and were held for DSO bedded and
    detrital hematite iron ore exploration. Work carried out during 2008 and 2009 indicated that they
    have restricted opportunity to deliver an iron ore resource of the size and quality needed to deliver
    economic value to Royal shareholders.
    Both licences have been sold to Fortescue Metals Group Limited for a total consideration of
    $75,000. The licences lie adjacent to ground held by FMG.
    With this sale, and the previously announced optioning of E47/1615 (Mindy) to Atlas Iron Ltd (4
    September 2009) Royal has decreased its exposure in the infrastructure-challenged Hamersley
    Basin. Royal will continue to find opportunities to add value from the remaining tenements it holds
    in the Hamersley Basin (E47/1927 (Yarrintree), E47/1613 (Marillana Bridge), and E47/1614
    (Perishing).
 
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