QMC, Ivanhoe agree on White Range deals
8th Jun 2012
JUNE 8 – A neighbourly chat with Ivanhoe Australia will significantly enhance Queensland Mining Corporation’s White Range copper/gold and cobalt project in the Cloncurry region of NW Queensland, Australia.
QMC has acquired exclusive exploration rights on six sub-blocks of Ivanhoe’s ground to open up QMC’s Young Australian and East Drift mining leases, currently restricted by Ivanhoe’s exploration permit. The deal gives QMC access to known resources of 21,200t at 1% copper and potentially significant upside.
The companies also agreed to streamlined protocols to make exploration and future mining simpler across complex historical boundaries at Kuridala, while QMC granted Ivanhoe a five-year option to acquire the Stuart deposit while retaining rights to the near-surface oxides.
MD Howard Renshaw says the three transactions will greatly enhance QMC’s resource opportunities and development of its White Range project.
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