Bligh partner talks
3rd Feb 2012
SYDNEY, Feb 3 – Australian explorer Bligh Resources may team up with a major Chinese miner and processor for the development of the Bootu Creek Two manganese project in Australia’s Northern Territory.
Bligh is expanding its land-holdings by taking an option over 80% of a 546sq.km exploration lease that adjoins the Bootu Creek Two property.
The other 20% interest in EL 27651 will be retained by Universal Splendour International, a wholly owned subsidiary of Chinese integrated manganese exploration, mining and processing company Hunan Zhenxing Co.
Bligh says USI expressed an interest in partnering with the company on the long-term development of the combined Bootu Creek Two Project.
The company’s total holding of about 700sq.km lies 40km south of OM Holdings’ Bootu Creek mine.
To exercise the option, Bligh will issue 750,000 shares and fund exploration to completion of a feasibility study for a 400,000tpa operation, plus a royalty payment in shares based on indicated resources.
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