(MENAFN- ABN Newswire) Sydney, Sep 28, 2017 AEST (ABN Newswire) - Broken Hill Prospecting Ltd () completion of Legal Dispute Settlement - BPL Receives $2.42 million
Key Points
- Settlement of legal dispute with Relentless Resources (RRL) completed in accordance with agreed terms
- Ownership and management of the Joint Venture assets and 5 additional tenements has now been transferred to RRL
- BPL has received $2.42 million, significantly boosting cash resources to $3.4 million
- BPL well-funded for expansion of current mineral sands initiatives
- New project review and acquisition program underway
BPL's Chief Executive Officer Trangie Johnston commented:
"The partial divestment of our Mineral Sands Portfolio has boosted our cash balance allowing BPL to push forward on new initiatives, such as expanding exploration in our new mineral sands tenements in the Murray Basin and investigating known base metal and gold occurrences in our tenements at Thackaringa. Additionally, we are investigating acquisition opportunities that run with the gradient of the Company's skill sets and existing projects."
About Broken Hill Prospecting Ltd
() is focused on the development of strategic technology mineral resources: Cobalt and Heavy Mineral Sands (HMS). The Thackaringa Cobalt Project is potentially a world class deposit, well positioned to met the growing demand for Lithium-ion batteries. The Murray Basin HMS Project is targeting the establishment of a sustainable pipeline of high grade, low tonnage deposits (titanium and zirconium) amenable to processing through mobile mining unit technology.
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