WPG Resources Ltd outlines resolution to Western Gawler Craton joint venture
Date
10/5/2016 2:35:35 AM
(MENAFN- ProactiveInvestors - Australia)
WPG Resources Ltd (ASX:WPGO) has advised that it and its joint venture partner Tyranna Resources Ltd (ASX:TYX) have agreed to resolve the dispute between them in relation to the ownership of certain tenements that are part of the Western Gawler Craton joint venture (WGCJV).
The WGCJV holds exploration tenements in the region of WPG";s Challenger gold mine in South Australia.
The current interests in the joint venture are Tyranna approximately 66% and WPG 34%.
Tyranna is manager of the WGCJV.
Bob Duffin, executive chairman for WPG, said that he was pleased that the dispute has been resolved in a sensible manner.
"No-one likes uncertainty. The new agreement will allow WPG to continue with its exploration and development of the down-dip extensions to the Challenger lodes in the area known as Challenger Deeps, secure now in the knowledge that it has 100% rights to this area.
"Tyranna, as manager of the joint venture, is currently operating two drilling rigs at Campfire Bore within the joint venture tenements.
"We encourage Tyranna and holders of other tenements near Challenger to mount aggressive exploration programs in this underexplored and highly prospective part of South Australia.
"The Challenger mill is the only gold treatment plant in this region, and WPG will be pleased to negotiate toll treatment arrangements where possible."
The key provisions of the binding term sheet will form the basis of a new joint venture agreement that is expected to be finalised within the next 60 days. <
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