Perth -
Rox Resources Ltd. (ASX:RXL) has agreed to sell its 49% interest in a joint venture with Teck Australia on the massive Reward Zinc Project in the Northern Territory for $14.8 million to IMI Zinc Exploration Pty Ltd.
The deal consists of $2 million in cash and $12.8 million in shares (64 million shares @ 20 cents per share).
The offer to purchase Rox's share of the joint venture can be matched by Teck, which has a pre-emptive right to match any offer.
The Reward Zinc Project is the world's largest undeveloped zinc project. Under the terms of the offer, Rox has 30 days to complete due diligence on the offer, and Teck have 60 days from receipt of the offer to exercise its pre-emptive rights to match the offer.
The Teena deposit has an Inferred Mineral Resource of 58 million tonnes grading 12.7% Zn + Pb (11.1% Zn, 1.6% Pb) and the Myrtle deposit has an Inferred and Indicated Mineral resource of 44 million tonnes grading 5.0% Zn + Pb (4.1% Zn, 1.0% Pb).
Based on exploration work to date, Reward is Australia's 7th largest zinc project and has the advantage of sitting next door to MMG's MacArthur River Zinc project.
Managing Director Ian Mulholland answers a range of questions about the sale process and the benefits to Rox shareholders, and talks about the Company's plans to continue generating wealth for its shareholders through the acquisition and development of Australian mineral deposits.
To view the video, please visit:
http://www.abnnewswire.net/press/en/84247/rox
About Rox Resources Limited:
Rox Resources Ltd. (ASX:RXL) is an Australian listed company with advanced base and precious metals exploration projects in Australia: the Mt Fisher Gold and Fisher East Nickel Projects (Western Australia), the Reward Zinc-Lead Project (Northern Territory) and the Bonya Copper Project (Northern Territory).
The Company employs advanced geophysical and geotechnical exploration techniques and the latest technology to add value to its projects, seeking to increase resources, convert resources to mineable reserves and develop its projects towards becoming producing mines. The most advanced of which, is the Fisher East Nickel Project.
Contact:
Rox Resources Ltd.
Tony Dawe, Senior Account Director
E: Tony.Dawe@ppr.com.au
T: +61 8 9388 0944
