Perth, Australia (ABN Newswire) - Peak Resources Ltd.
(ASX:PEK) (OTCMKTS:PKRLY) is pleased to advise that it has executed a Memorandum of Understanding (MoU) with a Chinese rare earth producer for the objective of developing the 100% Peak owned Ngualla Rare Earth Project.
The Chinese company is an established rare earth producer based in a port city in northeast Jiangsu Province, with facilities and technical expertise in the beneficiation, processing and separation of rare earths into high purity rare earth products and an established marketing network.
While the MoU is non-binding, it provides the agreed framework to formalize arrangements for a long term strategic partnership to develop the Ngualla Rare Earth Project in Tanzania.
Under the terms of the MoU both parties will work together to co-operate and form a partnership in the following areas:
- Chinese partner to review and provide technical expertise in the further optimisation of the demonstrated mineral process developed for Ngualla's rare earth mineralisation including beneficiation, acid leach recovery and separation
- Chinese partner may introduce further parties for the purpose of investment, project construction, processing, engineering studies and marketing
- Examine opportunities for the establishment of a jointly owned separation plant
- A direct investment by the Chinese partner to assist with the development of the Ngualla Rare Earth Project
- Negotiate an offtake agreement for Ngualla rare earth mineral concentrate, mixed carbonate or other intermediate products
A partnership between Peak, with the large and high quality Ngualla rare earth deposit, and the Chinese company with established rare earth facilities, marketing network and leading technical expertise has the potential to provide great impetus towards the successful development of the Ngualla Project into the next low cost rare earth producer.
About Peak Resources Limited:
Listed on the Australian Stock Exchange (ASX:PEK) in November 2006 and based in Perth, Western Australia, Peak Resources Ltd.
is developing the Ngualla Rare Earths Project in southern Tanzania. Peak also holds a number of gold projects comprising a mix of brownfield, greenfield and advanced exploration prospects in the highly prospective Lake Victoria Goldfields area of Tanzania.
Peak’s goal is to generate shareholder value through:
- Development of the exciting new high-grade, low uranium and thorium Ngualla Rare Earth discovery into production
- Exploring for niobium-tantalum and phosphate at Ngualla to generate a pipeline of additional commodities
- Discovery of new gold deposits within its large, highly prospective portfolio of exploration projects in Tanzania
- Aggressive new project acquisition programmes in East Africa
Peak’s head office is located in Perth, Western Australia with an exploration office in Mwanza, Tanzania.
Peak Resources Ltd.