The town of Manono, located about 20km via dirt road from PR 14537, is roughly 500km north of Lubumbashi and can be accessed by road from Lubumbashi or by a one-and-a-half-hour flight.
The Manono pegmatites lie within a broader pegmatite bearing belt which covers roughly 500km within the mid-Proterozoic Kibaran litholgies in the eastern DRC. The belt is strongly associated with lithium, tin, tungsten, tantalum, niobium and beryllium mineralisation and was exploited historically for tin up to early 1980's at Manono. Trenching programmes announced by
Mr.
The Term Sheet states that AJN will pay
At the conclusion of the due diligence programme, AJN will notify Future if it intends to exercise its option to acquire up to a 70% indirect interest in PR 14537. AJN has the right to acquire a 60% indirect interest by paying an additional
After AJN has acquired a 60% indirect interest in PR 14537, AJN can acquire a further 10% indirect interest in PR 14537 (for a total 70% indirect interest) by paying an additional
AJN will be responsible for funding exploration of PR 14537 to conclusion of a definitive feasibility study, which funding is to be treated as a loan. At completion of the definitive feasibility study and should AJN wish to continue, each party will contribute on a pro-rata basis or dilute according to an industry standard formula. AJN will arrange all project finance which will be recovered as a priority from production.
About
AJN is a junior exploration company. AJN's management and directors possess over 75 years of collective industry experience and have been very successful in the areas of exploration, financing and developing major mines throughout the world, with a focus on
Contact:
Tel: +44 7496 291547
Cautionary Note Regarding Forward-Looking Statements
The information in this news release may include certain information and statements about management's view of future events, expectations, plans and prospects that may constitute forward-looking statements. Forward-looking statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Although
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