21 December 2016
ASX & MEDIA ANNOUNCEMENT
Interest in Nickel-Gold-Lithium Project
Hannans has sold its Lake Johnston exploration database to Montezuma Mining Company
Hannans to receive a 15% interest in Montezuma's Nickel-Gold-Lithium Project, free-carried through to a Decision to Mine
Hannans Ltd (ASX: HNR) (Hannans or Company) is pleased to advise that it has sold its Lake Johnston exploration database to Montezuma Mining Company Ltd (ASX:MZM) in consideration for which Hannans will receive a 15% interest in Montezuma's Lake Johnston Nickel-Gold-Lithium Project. Hannans' interest will be free-carried through to a Decision to Mine (meaning that Hannans is not required to fund any exploration expenditure).
Lake Johnston is home to advanced nickel and lithium projects owned by Poseidon Nickel Ltd (ASX:POS).
Sale of the exploration database enables Hannans shareholders to share in success achieved by Montezuma without the requirement to fund exploration. If Montezuma makes a Decision to Mine and Hannans chooses not to participate, Hannans' interest will revert to a 1% net smelter return royalty.
For further information, please contact: Damian Hicks
Executive Director
+61 419 930 087 (M)
[email protected] (E)