Ann: GOLD JOINT VENTURE WITH ST BARBARA, page-2

Australian Potash Ltd (APC) reported that it has entered into an Earn-In & Joint Venture Agreement with St Barbara Ltd (SBM) at the Lake Wells Gold Project. As part of the deal, SBM will pay APC $1.25M cash consideration for entering into the Agreement and a minimum exploration expenditure of $1.75M in the first year. After the first year Earn-In period, SBM can elect to earn a 70% interest in the tenements by spending a further $3.5M over a 24 month JV period on exploration, and reimburse APC up to $0.5M in costs previously spent on exploration at Lake Wells.  

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