INTERCEPTS Wed 30/07/2014

Magma fights for WA exploration rights

11th Apr 2012

PERTH, April 10 – Explorer Magma Metals has begun Supreme Court action to uphold its 100% rights to explore and mine for nickel, copper and platinum group elements on a large group of tenements in the Laverton area of Western Australia held by Crescent Gold.

Magma says the rights are contained in a concurrent rights agreement (CRA) between the two companies.

The Laverton tenements are also the subject of another Supreme Court action between Crescent and Indago Resources P/L, also the subject of the Magma action, over the validity of a royalty deed executed by the two.

Magma says the deed contains provisions that conflict with the provisions of the earlier CRA. Further, the company claims Crescent has not complied with its obligations under the CRA.



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