TNG 2.08% 9.4¢ tng limited

joint venture

  1. 315 Posts.
    27 February 2008
    HIGHLIGHTS
     Joint Venture Agreement signed with Western Desert
    Resources for portfolio of non-core exploration projects.
     Agreements cover 100% owned Rover, Goddard and Musgrave
    Prospects.
    • WDR to spend $4M to earn an 80% interest.
    TNG Limited (ASX: TNG) (“TNG”) is pleased to advise that it has reached
    agreement with ASX-listed exploration company, Western Desert Resources
    (ASX: WDR) (“WDR”), to joint venture a portfolio of non-core mineral
    exploration projects in the Northern Territory.
    Under the agreement, WDR subsidiaries can earn up to an 80% interest in
    the Rover, Goddard and Musgrave Prospects by funding exploration
    expenditure totaling A$4 million across the project group.
    In addition TNG will not be required to make any further financial
    contributions in respect of its interest in each of the Prospects until the
    successful completion of a Bankable Feasibility Study.
    The agreement is consistent with TNG’s focus on its core asset, the 100%-
    owned Manbarrum Zinc-Lead-Silver Project in the Northern Territory of
    Australia, where it completed a major exploration program in 2007 and is
    currently working on an updated resource estimate.
    The three projects subject to the joint venture agreement are prospective for
    copper, copper-gold, nickel and uranium.
    $4M JOINT VENTURE OF ROVER, GODDARDS AND
    MUSGRAVE TENEMENTS
    The Rover Project encompasses a 1,254km2 ground package in the Tennant
    Creek region of the Northern Territory, the Musgrave Project covers a large
    tract of ground on the south-east margin of the Musgrave Block and the
    Goddards Prospect (also known as Tanami East) hosts significant malachite
    mineralization.
    It is envisaged at this stage that each of the Rover, Goddards and Musgrave
    Prospects will be subject to joint venture arrangements. A summary of the
    expenditure required and the earn-in profile is set out below:
    Prospect Expenditure
    to earn 51%
    Expenditure
    to earn
    further 29%
    TOTAL
    Rover 500,000 850,000 1,350,000
    Goddards 250,000 400,000 650,000
    Musgrave 750,000 1,250,000 2,000,000
    Total $1,500,000 $2,500,000 $4,000,000
    Certain time periods have been set for WDR to earn in to the prospects. To
    earn the initial 51% interest, WDR must spend the amounts above for the
    respective prospects within 18 months of date of grant of the tenements, at
    which point a Joint Venture arrangement will come into existence. WDR then
    has a further 30 months from date of incorporation of the Joint Venture to
    spend the tabulated amounts to earn up to an 80% interest in the
    tenements.
    TNG believes this is a positive outcome to leverage value from these
    tenement prospects, with the Company retaining exposure to future
    exploration success while maintaining its focus on the Manbarrum Project.
    Yours faithfully
    TNG Limited
    Neil G Biddle
    Managing Director
 
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