VANCOUVER, BC, Oct. 3, 2024
/CNW/ - Macarthur Minerals Limited (TSXV: MMS) (ASX: MIO)
(OTCQB: MMSDF) (the Company or Macarthur), is
pleased to announce the receipt of the second payment of
A$250,000 from Gold Valley Yilgarn
Pty Ltd ("Gold Valley"), which was due on 30 September 2024. This payment forms part of the
staged consideration under the binding Agreement signed on
13 June 2024, granting Gold Valley
the right to mine hematite ore from Macarthur's Lake Giles Ularring
Hematite Project in Western
Australia.
This marks the second of three scheduled payments, following the
initial A$250,000 paid on the signing
of the Term Sheet in June (see announcement here – 18 June 2024). The final A$250,000 payment is due on 31 December 2024. In addition to these payments,
the Agreement includes milestone payments of A$5,000,000 upon the extraction and sale by Gold
Valley of 1,000,000 dry metric tonnes (DMT) and a further
A$5,000,000 upon the extraction and
sale by Gold Valley of an additional 1,000,000 dry metric tonnes of
direct shipping ore (DSO) from the Lake Giles Project. Beyond the
initial 2,000,000 DMT, Macarthur will receive a royalty of
A$1 per tonne for all additional
tonnes mined for the life of the mine.
The Agreement grants Gold Valley the right to extract hematite
ore from Macarthur's Lake Giles Ularring Hematite Project.
The Agreement excludes mining of magnetite iron ore from the 1.3
billion tonne Lake Giles Moonshine Magnetite Project, the subject
of the 2022 Feasibility Study.
Key Terms of the Agreement:
- Gold Valley has the right to mine hematite ore from Macarthur's
Lake Giles Ularring Hematite Project.
- Macarthur retains ownership of all tenements, while Gold Valley
is responsible for maintaining the tenements and obtaining
necessary mining approvals.
- Gold Valley is responsible for all State Government
Royalties.
- Life of mine Agreement.
Macarthur Chairman, Cameron
McCall commented:
"Receiving this second payment from Gold Valley is a
testament to our partnership and commitment to advancing our
valuable iron ore assets in Western Australia. This milestone
is not only a significant step towards production but also
strengthens our financial position as we work towards bringing our
much larger, 1.3 billion tonne Moonshine Magnetite Iron Project to
market. We look forward to the ongoing progress of our initiatives
in the green iron ore sector."
About Gold Valley
Gold Valley companies are a multi-sector conglomerate consisting
of interests in mining, agriculture (vineyards) and energy.
Based in Perth, Gold Valley
companies are supported by an experienced executive team and is
chaired by Mr Yuzheng Xie. No matter
what sector and which project, GV's activities are always
undertaken with the safety, environment and social "5
Pillars" to ensure the best possible outcome for the
environment, stakeholders and the community.
Gold Valley recently acquired the Wiluna West Iron Ore Project,
which has a 130-million-tonne resource, from GWR Group Limited
(ASX:GWR). Production is expected to increase to over 3
million tonnes by the end of the year, utilising access through
Esperance Port. Gold Valley plans to upgrade the Ularring ore
and blend it with Wiluna fines to create a unique mix with low
SiO₂, low Al, and low P fines, in addition to their highly
sought-after lump ore. Currently, Gold Valley ships ore to
seven countries, including several in Europe, and has been recognized as a green
iron ore producer.
Released On behalf of the Board of Directors, Mr Cameron McCall, Executive Chairman and
CEO
Company profile
Macarthur is an iron ore development, and lithium exploration
company that is focused on bringing to production its Western Australia iron ore projects. The Lake
Giles Iron Project mineral resources include the Ularring hematite
resource (approved for development) comprising Indicated resources
of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26
million tonnes at 45.4% Fe; and the Lake Giles magnetite resource
of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated)
and 997 million tonnes (Inferred). The Lake Giles Iron Project also
contains Proven Ore Reserves of 51.9 Mt and Probable Ore Reserves
of 184.7Mt. Macarthur also holds 24 square kilometre tenement area
iron exploration interests in the Pilbara region of Western Australia. In addition, Macarthur has
lithium brine Claims in the emerging Railroad Valley region in
Nevada, USA. The Mineral Resource
and Ore Reserve estimates presented herein have previously been
released to the ASX on March 21,
2022, including supporting JORC reporting tables. The
Company confirms that it is not aware of any new information or
data that materially affects the information included in the
relevant market announcements and, in the case of Mineral Resources
and Mineral Reserves that all assumptions and technical parameters
underpinning the estimates in the relevant market announcement
continue to apply and have not materially changed.
This news release is not for distribution to United States services or for dissemination in
the United States
Caution Regarding Forward Looking Statements
Certain of the statements made and information contained in this
press release may constitute forward-looking information and
forward-looking statements (collectively, "forward-looking
statements") within the meaning of applicable securities
laws. All statements herein, other than statements of
historical fact, that address activities, events or developments
that the Company believes, expects or anticipates will or may occur
in the future, including but not limited to statements regarding
expected completion of the Feasibility Study; conversion of Mineral
Resources to Ore Reserves or the eventual mining of the Project,
are forward-looking statements. The forward-looking
statements in this press release reflect the current expectations,
assumptions or beliefs of the Company based upon information
currently available to the Company. Although the Company believes
the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees
of future performance and no assurance can be given that these
expectations will prove to be correct as actual results or
developments may differ materially from those projected in the
forward-looking statements. Factors that could cause actual
results to differ materially from those in forward-looking
statements include but are not limited to: unforeseen
technology changes that results in a reduction in iron or magnetite
demand or substitution by other metals or materials; the discovery
of new large low cost deposits of iron magnetite; the general level
of global economic activity; failure to complete the FS; inability
to demonstrate economic viability of Mineral Resources; and failure
to obtain mining approvals. Readers are cautioned not to
place undue reliance on forward-looking statements due to the
inherent uncertainty thereof. Such statements relate to future
events and expectations and, as such, involve known and unknown
risks and uncertainties. The forward-looking statements contained
in this press release are made as of the date of this press release
and except as may otherwise be required pursuant to applicable
laws, the Company does not assume any obligation to update or
revise these forward-looking statements, whether as a result of new
information, future events or otherwise.
SOURCE Macarthur Minerals Limited
