Here comes Zijin, page-3

Dear All In the event you are not aware, below is a link to the recent ASX release by Norton announcing the acquisition of a strategic stake in Phoenix. Subject to conditions, Norton’s position in the Company would total 11.3% inclusive of a stake held in a subsidiary of parent Company Zijin Mining Group Co. Ltd. Phoenix was not involved in any way in this transaction and were informed by Norton when the release was made to ASX. We continue to make progress on a number of fronts. As advised previously, the formal license to mine and ore sale agreement with Norton over the flagship Mick Adams/Kiora and Wadi open cut mines is progressing well with execution of the agreement expected in coming months. On execution, mine development is then to commence within 3 months of execution of the agreement. Phoenix receives 50% of the resultant cash surplus as the project becomes cash positive with no upfront capital outlay. The heap leach feasibility study is on schedule for completion within the March Quarter with additional metallurgical testwork, updated capital costs for relocation, refurbishment and recommissioning of the processing plant under review in addition to pad re design capital and updated operating costs. Mining at Kintore continues with a further update on progress of the first milling campaign to be made in January. I’d like to take this opportunity to wish everyone a Merry Christmas and a prosperous 2015. Here’s hoping the resources sector gains some traction after what has been a very difficult year. To view the announcement, please click on the link below: http://www.asx.com.au/asxpdf/20141209/pdf/42vcc7dk8td6kl.pdf