ASX/MEDIA RELEASE
19 September 2016
EXTENSION OF BONYA FARM-IN
The directors of Rox Resources Limited (ASX: RXL) ("Rox" or "the Company") are pleased to advise that agreement has been reached with farm-in and potential joint venture partner Arafura Resources to extend the stage 2 earn-in period on the Bonya project by 1 year.
Rox is earning-in to the Bonya project via a Farm-in and Joint Venture Agreement with Arafura Resources Limited ("Arafura"). Rox has already earned a 51% interest by expenditure of $500,000 between 10 December 2012 and 10 December 2014. Rox elected to continue to earn-in to the project and increase its interest to 70% by expenditure of a further $1,000,000 by 10 December 2016.
Given the very challenging capital markets, Rox asked Arafura for, and was granted, an extension of the stage 2 earn-in period to 10 December 2017, with the expenditure requirement and all other material terms remaining the same.
Commenting on the extension Managing Director Ian Mulholland said, "We are pleased that our partner Arafura, has granted this extension. In the context of the difficult market for junior explorers at present, it makes sense, and we are grateful that Arafura has taken a sensible and pragmatic approach to this issue."
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For more information:
Shareholders Media
Ian Mulholland Tony Dawe
Managing Director Professional Public Relations
Tel: +61 8 9226 0044 Tel: + 61 8 9388 0944
[email protected] [email protected]
Rox Resources Limited ABN 53 107 202 602
Level 1, 34 Colin Street, West Perth WA 6005
Telephone: +61 8 9226 0044 Facsimile: +61 8 9322 6254 Email: [email protected]