Mantle Mining and Southern Uranium form the Mt Brown Joint Venture in North Queensland,
Southern Uranium rights to earn 70% interest upon A$375,000 exploration expenditure over four years,
Mantle Mining maintains exposure to Mt Brown whilst focusing on its priority Gold, Coal, Coal Bed Methane and Phosphate Rock projects. Mantle Mining Corporation Limited (ASX: MNM), is pleased to announce that it has entered into a farm-in and joint venture agreement with Southern Uranium Limited (ASX Code: SNU) to explore for all minerals on Mantle¡¦s EPM15535 (Mt Brown). The joint venture agreement requires Southern Uranium to make an initial payment of A$25,000 to Mantle and to expend A$175,000 in the first two years to earn 51% interest in the Mt Brown joint venture. Southern Uranium may spend A$200,000 in a further two years for an additional 19% interest.
Exploration at Mt Brown will be managed by Southern Uranium. Mantle Mining Managing Director Ian Kraemer said ¡§We are extremely pleased to enter into this partnership with Southern Uranium at Mt Brown. Southern
Uranium is a well respected explorer and the joint venture will allow Mantle to maintain substantial exposure to Mt Brown whilst focussing its own resources on the Company¡¦s higher priority (Gold, Coal, Coal Bed Methane and Phosphate Rock) projects¡¨.
SNU Price at posting:
14.5¢ Sentiment: Buy Disclosure: Held
