BATAVIA
MINING LIMITED (ASX: BTV)
ASX
RELEASE
17
MARCH 2008
|
LETTER OF INTENT SIGNED FOR SALE OF GULLEWA ASSETS
FOR AUD $15,000,000
|
Batavia Mining
Limited (BTV) is pleased to
announce that it has entered into a Letter of Intent (LOI) to sell its 100%
interest in the Gullewa Tenements to Toronto Stock Exchange (TSX-V) listed ATW Venture
Corporation (ATW) for AUD$15,000,000. The sale is to exclude the iron ore
potential of the Gullewa tenements.
Under the terms
of the LOI, it is the intention of both parties that a formal Definitive
Agreement will be executed within 30 days, which agreement will include the
following terms and conditions:
· A
first payment of AUD$3,000,000 in cash and $2,000,000 in shares in ATW (First
Payment)will be made within 14 days of the date of acceptance for filing with
the TSX-V of the Definitive Agreement and the completion of a geological report
on the Gullewa assets.
· A
second payment of $3,000,000 will be paid on or before the 12 month anniversary
of the First Payment.
· A
third payment of $3,000,000 will be paid on or before the 24 month anniversary
of the First Payment.
· On
or before the earlier of the 36 month anniversary of the First Payment, or the
completion of a positive bankable feasibility study by ATW, a final payment of
$4,000,000.
·
Provided the share
price of the shares in ATW is greater, or equal to CND$1.00, BTV may elect to
be paid in shares for each of the payments made subsequent to the First Payment
If BTV and ATW are unable to agree
the terms of a Definitive Agreement within 30 days then the letter of intent
will terminate.
The completion of the sale will be
subject to compliance with the ASX listing rules as applicable.
BTV has been
evaluating options for its Gullewa tenements since early 2007, subsequent to
the completion of its Bankable Feasibility Study and believes that the disposal
of the tenements provides the best possible return for the company and its
shareholders. The sale will also allow the company to continue to progress a
number of other projects currently being evaluated by the Board.
Yours
faithfully
BATAVIA MINING
LIMITED
TERENCE SMITH
Chairman
18 March 2008
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