Printer Friendly

Carpentaria Exploration Limited (ASX:CAP) Receives Further A$5m For Burta BMG Joint Venture.

Sydney, Australia, June 16, 2010 - (ABN Newswire) - Carpentaria Exploration Limited (ASX:CAP) is pleased to announce that a further A$5 million payment has been confirmed, the funds have been received as part of a staged payment plan which will total A$13.0M. Carpentaria has now received A$11m from its joint venture partner Bonython Metal Group Pty.Ltd.(BMG), comprising A$3m for Carpentaria and A$8m to fund exploration in the Burta BMG JV. There is now one more payment of A$2M cash for Carpentaria in this phase of the JV due in next four weeks.

As announced yesterday, Two drill rigs, one diamond (DD) and one reverse circulation (RC) have commenced drilling on the Burta BMG JV. A third rig (RC) will commence this week. The aim of the drilling is to test all magnetic sources for depth of cover and the quality and thickness of magnetite mineralization to identify areas for potential detailed resource definition. A total of 5,000m of drilling will be undertaken during this initial phase.

Carpentaria's Executive Chairman Nick Sheard said, "The receipt of this tranche completes payments of A$8M of drilling exploration funding at the Burta-BMG JV which gives us great confidence in being able to quickly progress the Hawsons Iron Project to resource definition and pre-feasibility study. The direct cash payments to Carpentaria will enable us to continue exploration development on our 100% project portfolio in the world class Broken Hill mineral province."

About Carpentaria Exploration Limited:

Carpentaria is a Queensland based exploration company focussed on discovering and mining base metal and gold deposits in Queensland and New South Wales. Both these States host world class ore deposits including Mt Isa, Mt Morgan, Central Victoria, Broken Hill and Cadia- Ridgeway. Carpentaria believes there is still great potential for discovery of additional medium to large mineral deposits in these states. Our Company has targeted regions where cover is thin, where there is a known mineralisation, and where using modern exploration techniques we will be able to rapidly define and drill-test targets.

Copyright 2009 ABN Newswire

Provided by Syndigate.info an Albawaba.com company
COPYRIGHT 2010 Al Bawaba (Middle East) Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2010 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:ABN Newswire
Geographic Code:8AUST
Date:Jun 16, 2010
Words:355
Previous Article:Maryborough Sugar (ASX:MSF) and Bundaberg Sugar JV Approved by FIRB.
Next Article:Benitec Limited (ASX:BLT) DNA-Directed RNAi Technology Suppresses BIII-Tubulin In A Human Lung Cancer Model.
Topics:

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters |