Iluka Resources Ltd

Published : March 18th, 2015

Term Sheet Signed with Iluka for Phar Lap IOCG Project

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Keywords :   Australia | Copper | Gold | Iron | Report |

Term Sheet Signed with Iluka for Phar Lap IOCG Project

Microsoft Word - 20150317 ASX Announcement_Phar_Lap_Option_Agreement


Exploration Office Unit 2 81 Harrison Road Dudley Park

SA 5008

ABN: 96 110 336 733

Tel: +61 8 8245 4900

Fax: +61 8 8245 4999

www.monaxmining.com.au
For Immediate Release
Tuesday 17 March, 2015

ASX RELEASE

Monax signs term sheet with Iluka Resources for

Phar Lap IOCG Project

HIGHLIGHTS

Non-binding term sheet signed with Iluka for Monax's 100% Phar Lap Project, located approximately 50km from Prominent Hill

Iluka and Monax to negotiate Farm-in and Joint Venture Agreement for Iluka to earn 80% interest in the Project by spending $2 million over 4 years

Monax Mining Limited ("Monax") (ASX:MOX) is pleased to announce it has signed an non- binding term sheet with Iluka Resources Limited ("Iluka") in respect of a proposed Farm-in and Joint Venture Agreement in relation to the Phar Lap Iron-Oxide Copper-Gold (IOCG) Project, located on Exploration Licence 5123, which is on the margin of the Mt Woods Inlier in northern South Australia (Figure 1).
According to the terms sheet, Iluka will prepare a Farm-in and Exploration Joint Venture
Agreement for negotiation that provides:
(a) Iluka can earn 80% of the project by funding $2 million of exploration over four years;
and
(b) Iluka will spend $400,000 within the first two years and may withdraw at any time after it has incurred $400,000 of expenditure on the project.

Monax completed a detailed 250m x 250m infill ground gravity survey in mid-2014 over two targets on EL 5123 identified by existing gravity and magnetic survey data. An Aboriginal heritage survey has been completed with both targets cleared for drilling.

Gary Ferris Managing Director, Monax Mining

Ph: (08) 8245 4900

Email: [email protected]

Page | 1

MONAX

Mnnxa LnnTED

The information in this report that relates to Exploration Results, Minerai Resources or Ore Reserves is based on information compi/ed by Mr G M Ferris, who is a Member ofthe Australasian lnstitute of Mining and Metallurgy. Mr Ferris is employed full time by the Company as Managing Director and, has a minimum of five years relevant experience in the style of minera/isation and type of deposit under consideration and qua/ifies as a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Minerai Resources and Ore Reserves" Mr Ferris consents to the inclusion of the information in this report in the form and context in which it appears.

130 1:1'" 13ol 136

26" ELA 1997100190

- - ELA 2014/0043

ELA 1997100155 - ELA 1997100245

138

Musgrave

Designated Project

ELA 2013100168 cJ

ELA 2013100169

MONAX

MINING LIMITBD

ELA 2013100170

Musgrave

)

.\_ EL 50114 rf''>-

\ E1

. EL 5347 L /o )

EL5123 *

L 5316

Phar Lap .1Jr Promment H1ll - e 20-14/00236

---

_....

Millers Creek EL 4898 i::!

Designated.P 54 asssa

26 "'{:(:Oiyntpic OiVIl

-- goon Ro>: >r o.wn.. "'

Western Gawler Craton r"- .

El.A 20: , EL 5199 ""'-) i .....7, :ff' )

2

' unt Ftill.. _ELJ64

EL 5200 o \ "EL 4994

32

GREAT AUSTRAL/AN BIGHT

P· (\1

EL 5128..

3oO

Mainroad

RruiWay

5209

/vtrke Penni su'l:' ;

Town

* l.ake

EL 5122

Uncol n "'{:(:Hill

lron Oxlde Copper Gold deposit

- 0eSigMied F'roJeciS

- Monax Exporation Uoeooe

- Monax ExploratJOn l..Jcence Appication

- All.ance Exploration Llcence

1:0111 All.ance Explorabon l.Jcence Appilcation

- FMG ExplorauonUcence

- Farm-ln Agreement -WesternAreas Ltd

lAdelaide

.... S353·Kl-

Kangaroolsland JÉL4581 ./)

100km

1

Location of Monax Projects including the Phar Lap Project.

Page 12

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Iluka Resources Ltd

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CODE : ILU.AX
ISIN : AU000000ILU1
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Iluka is a zircon development stage company based in Australia.

Iluka holds various exploration projects in Australia.

Its main asset in development is TRIPITAKA in Australia and its main exploration properties are ECHO, TUTUNUP SOUTH, TUTUNUP, MURRAY BASIN, EUCLEA BASIN and ENEABBA in Australia.

Iluka is listed in Australia and in Germany. Its market capitalisation is AU$ 3.1 billions as of today (US$ 2.0 billions, € 1.9 billions).

Its stock quote reached its lowest recent point on November 28, 1997 at AU$ 1.22, and its highest recent level on June 14, 2013 at AU$ 9.99.

Iluka has 418 700 000 shares outstanding.

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