Microsoft Word - JV03 JV04 Interest transfer and royalty announcement final 14 Sep 2015.docx
PROJECTS- AUSTRALIA
QUEENSLAND
ASX RELEASE 14 September 2015 ASX:PNN
ROBINSON RANGE IRON ORE
ROBINSON RANGE IRON ORE
MUSGRAVES
JOINT VENTURE ACTIONS
ABOUT
PepinNini Minerals Limited is a diversified ASX listed Exploration Company focused on developing and discovering major new mineral deposits. The Company has secured strategically located exploration tenements in the Musgrave Province of South and Western Australia and the Georgetown Inlier of North Queensland. A portfolio of prospective exploration tenements has been established in Argentina.
DIRECTORS
Rebecca Holland-Kennedy
Managing Director Philip Clifford Technical Director Robert WeiSun Non-Executive Director
Sarah Clifton-Brown
Finance Director Justin Nelson Company Secretary
CONTACT
PepinNini Minerals Limited ABN 55 101 714 989
Level 6, 108King William Street, Adelaide SA 5000
TEL:+61 (0)8 8218 5000
FAX:+61 (0)8 8212 5717
EMAIL: [email protected]
FURTHER INFORMATION
Ms Rebecca Holland-Kennedy
Managing Director
TEL: +61 (0)8 8218 5000
www.pepinnini.com.au
PepinNini Minerals Limited (PNN) has negotiated a withdrawal from the Robinson Range and Jackson Iron Ore joint ventures and the transfer of interest to joint venture partners. PepinNini will retain a Gross Iron Ore Royalty.
PepinNini Robinson Range Pty Ltd(PRR), the wholly owned subsidiary of PepinNini Minerals Ltd will receive a 1% Gross Iron Ore Royalty from Grosvenor Gold Pty Ltd(GG), a wholly owned subsidiary of RNI NL(ASX:RNI) in return for the transfer of interest in one tenement and from Alchemy Resources Ltd(ASX:ALY) in return for the transfer of interest in a second tenement of the Robinson Range Iron Ore joint venture. A third tenement was agreed for surrender by joint venture partners.
In relation to the Jackson Iron Ore Joint Venture; PRR will receive a 0.8% Gross Iron Ore Royalty from GG for the transfer of interest in four tenements that GG shares with Jackson Minerals Ltd, a wholly owned subsidiary of Fe Ltd who retain a 20% Free Carried Interest in the tenements.
Formal documentation to give effect to the transactions is being prepared and a further announcement will be made once this has been signed.
All tenements are in the exploration stage of development.
The collapse of iron ore prices and the forward projections of the iron ore commodity market based on increased mine supply by the major global producers have compelled PepinNini to re-assess the value of the Robinson Range Iron Ore Project within its project portfolio.
PepinNini will continue to focus on its Musgrave Project in both SA and WA and on projects in QLD and Argentina.