ASX ANNOUNCEMENT 2 JUNE 2015
Triton Minerals Ltd
ASX: TON
ABN: 99 126 042 215
Street address:
278 Barker Road
Subiaco
Western Australia 6008
Postal address:
PO Box 1518
West Perth
Western Australia 6872
Tel: +61 8 6489 2555
Fax: +61 8 9388 1252
Email: [email protected] Web:
www.tritonmineralsltd.com.au
Projects: Mozambique Balama North Graphite-Vanadium Ancuabe Graphite
Balama South Graphite
Holder of the world's largest known
combined graphite-vanadium resource.
SHENZHEN REVIEW TO INCLUDE ANCUABE
Triton Minerals Ltd (ASX: TON, Triton or Company) refers to the previous announcement made by the Company on 27 April 2015, about the formal signing of a letter of intent (LOI) with Chinese equity firm and resources trading house, Shenzhen Qianhai Zhongjin Group Co., Ltd (SQZG).
Under the terms of the LOI, SQZG agreed to provide funding of up to US$200 million (A$255m) to build and develop a graphite concentrate operation with initial capacity to produce up to 200,000 tonnes of graphite concentrate per year from Nicanda Hill, the world's largest known graphite and vanadium project.
SQZG has subsequently received inquiries from Ministry of Commerce (MOC) & Ministry of Land and Resources (MLR) of the People's Republic of China about Triton's graphite projects and as such SQZG considers TMG to potentially be of strategic importance for China.
As a result of the queries from the MOC and MLR, SQZG considers the Ancuabe graphite project could also hold additional significant strategic value and wishes to include the Ancuabe project in the scope of their due diligence program. A positive outcome from this expanded due diligence process may allow Triton to access additional capital from SQZG to develop the Ancuabe graphite project.
SQZG has noted that, with the continued encouraging metallurgical results being obtained from the Ancuabe and Nicanda graphite projects and the potential strategic value of the projects, SQZG have now sought an extension to the due diligence period of the LOI, for up to six months to incorporate a formal review of the Ancuabe graphite project.
The request from SQZG only relates to extending the due diligence period, all other terms of the LOI remain unchanged. The extension of the due diligence period will allow Triton sufficient time to obtain initial drilling, additional assay and metallurgical results from the Ancuabe graphite project.
Triton considers this request for the extension of the due diligence period by SQZG to be a positive development and to be an appropriate course of action in order for them to complete a more detailed review. The request confirms that SQZG has acknowledged the continued encouraging results being generated by Triton at both Mozambique graphite projects and the potential for the market leading quality of the TMG products.
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Further, this request has also highlighted the potential strategic significance of Triton's graphite for China and elsewhere, and further justifies the rapid development of Triton's Mozambique graphite projects to meet the growing global demand for high quality graphite products.
Triton looks forward to providing further updates on the progress of the definitive feasibility study
(DFS), exploration and drilling activities at both the Nicanda Hill and Ancuabe graphite projects. Regards
Brad Boyle
CEO & Managing Director
Triton Minerals Ltd
For further information, please contact:
Brad Boyle
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Michael Brady
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CEO & Managing Director
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General Counsel & Company Secretary
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Tel: + 61 8 6489 2555
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Tel: + 61 8 6489 2555
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Email:
[email protected]
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Email:
[email protected]
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Forward-Looking Statements
This document may include forward-looking statements. Forward-looking statements include, but are not necessarily limited to, statements concerning Triton Minerals Limited's planned exploration program and other statements that are not historic facts. When used in this document, the words such as "could", "plan", "estimate" "expect", "intend", "may", "potential", "should" and similar expressions are forward-looking statements. Although Triton Minerals Limited believes that its expectations reflected in these are reasonable, such statements involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements.
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