Atro Mining-Vitali, Inc. (Atro) and Intex Resources ASA (Intex) have now as envisaged entered into a period of mutual due diligence. The parties reiterated their strong commitment to the process ahead. With the backing and strong commitment of its international principal, the Bashundhara Group, Atro states its high confidence in bringing the Mindoro Nickel Project forward and into completion in the coming years. On 10 January 2015, Atro and Intex, collectively the "Parties" entered into a Heads of Agreement (HOA) subject to which Intex will receive a minimum of USD 5 million for the Mindoro Nickel Assets in cash, plus a free carried ownership of 8% in a project fully financed up to USD 1 Billion, which corresponds to a book value of USD 80 Million in the project. The period of mutual due diligence is expected to take no longer than 3 months, with the addition of 1 month to finalize all definitive agreements needed to close the transaction. Subject to satisfactory due diligence and final agreements, Intex will call for an extraordinary general meeting to approve the main terms of the transaction. Going forward, Intex will perform a comprehensive due diligence similar to any other transaction of this nature, including due diligence of Atro's and its international principals ability to bring the project forward. On the other hand, Atro will complete its due diligence of the project, which includes all regulatory matters, technical studies, financial, as well as political & socio-community matters. The Parties today express their strong commitment for the process. "My principals, the Bashundhara Group, and our local Atro-team in Manila are now looking forward to work with the Intex team going forward. Our group have world-wide businesses, and an investment into the Mindoro Nickel Project is something we look forward to with great interest and have studied for a long time. We are, more or less, well prepared now and have a clear view and plans on how to bring this nickel project forward in a timely manner", says Mr. Adam Green, Executive Vice President of Atro Mining- Vitali, Inc. Mr. Christian L. Holst, Chairman of Intex states "We strongly believe that Atro can bring the Mindoro Nickel Project forward, and in the coming months we will make sure that they get the best possible start. I am confident that Intex' free carried ownership will be of high value and well protected with this cooperation with Atro". Oslo / Manila, 23 January 2015 Intex Resources ASA Christian L. Holst Chairman clh@intexresources.com Atro Mining Vitali Inc. Adam Green Executive Vice President a.green@atrogroup.com About Intex Resources: Intex Resources ASA is a diversified mineral exploration company, based in Oslo, Norway. The company is dedicated to the responsible development of natural resources. Intex's main asset is the world class Mindoro Nickel project, located in Mindoro, The Philippines. More information is available at: www.intexresources.com About Atro: Atro Mining-Vitali, Inc. is a private Philippine- based company duly organized for the purpose of engaging in the business of mining operations. It is a subsidiary of Atro International (FZE), Dubai, UAE which is the investment and trading arm of the principals of Bashundhara Group which has investments in several countries worldwide in manufacturing, construction, real estate development, ship building, shipping and logistics, agricultural development, commercial malls and trading.
ITX - Press release 23 January 2015 FINAL.pdf

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