23 August 2016
ASX ANNOUNCEMENT
ASX: VRX
Capital Structure
Shares on Issue 137.5 million
Unlisted Options 12.88 million
Market Cap @ 2.5¢ a share $3.4 million (Fully Diluted)
Corporate Directory
Paul Boyatzis
Non-Executive Chairman
Bruce Maluish
Managing Director
Peter Pawlowitsch
Non-Executive Director
John Geary
Company Secretary
Company Projects
Ventnor has a continuing royalty on future production by Sandfire from the Thaduna/Green Dragon Copper Project in the Doolgunna district, WA
Black Dragon Gold project adjacent to the Tropicana Gold Mine
Warrawanda Nickel Project south of Newman, WA
The Company is actively assessing other gold and base metal projects in Australia.
VENTNOR SELLS COPPER PROJECT TO SANDFIRE
Ventnor Resources Ltd (Ventnor) (ASX:VRX), Delgare Pty Ltd (Delgare), a wholly owned subsidiary of Ventnor and Sandfire Resources NL (Sandfire) (ASX:SFR) have executed agreements for Sandfire to purchase the remaining 65% of the Thaduna/Green Dragon Copper Project on the following terms:
On settlement, a transfer of Sandfire shares to Ventnor or its nominee to a value of $2,000,000, further payment of $1,000,000 if Sandfire proceeds with a decision to mine from the Project and a 2.0% Net Smelter Royalty (NSR) payable up to 90,000 tonnes of recovered copper production and an ongoing NSR of 1.0% on further production.
On 4 December 2013 Ventnor entered into a Joint Venture with Sandfire on the Thaduna/Green Dragon Copper Project. Sandfire paid Ventnor $3M for an initial 35% interest in the project with the ability to earn up to 80% under the terms of the Joint Venture.
The Thaduna/Green Dragon Project is located 40km east of DeGrussa and represents the largest copper resource in the Doolgunna-Bryah Basin Region outside of Sandfire's DeGrussa- Doolgunna Project.
This agreement with Sandfire allows Ventnor to maintain a position in the Thaduna/Green Dragon Copper Project and following sale of Sandfire shares, to inject funds into Ventnor to advance its prospects at the Black Dragon Gold Project.
Ventnor has some compelling gold and copper-nickel prospects at Black Dragon as announced in our last quarterly.
From the settlement sum LinQ Corporate Pty Ltd will be paid the equivalent of $300,000 in return for Linq releasing Ventnor in full from the contingent liability under a previous Deed of Settlement which was in place following the completion of the JV agreement for which LinQ was the corporate advisor.
ABOUT VENTNOR
Ventnor Resources is a gold and base metals focused explorer that has reached agreement with its JV partner Sandfire Resources NL for Sandfire to acquire 100% ownership of the historic Thaduna/Green Dragon project, 170 km north of Meekatharra in Western Australia with Ventnor to maintain a royalty interest.
The Thaduna/Green Dragon Project is located 40km east of DeGrussa and represents the largest copper resource in the Doolgunna-Bryah Basin Region outside of Sandfire's DeGrussa-Doolgunna Project.
Ventnor has been granted a tenement adjacent to the Tropicana Gold Mine in WA that is prospective for gold and base metals with prospects identified following an extensive review of historical data. Ventnor has conducted a preliminary exploration program comprising mapping, rock chip sampling and completed an initial drill program on the Black Dragon Gold Prospect.
Also in Western Australia, 40 km south of Newman is the Warrawanda nickel project.
Proven Management
The Ventnor directors have extensive experience in gold exploration and production and in the management of publicly listed mining and exploration companies.
PROJECT LOCATIONS