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Sydney - Wednesday - August 1: (RWE Aust Business News) - Lincoln
Minerals (ASX:LML) has concluded a Heads of Agreement
with Mineral Enterprises of India in respect of a joint venture for the
exploration of the Gum Flat tenement near Port Lincoln on the southern
Gawler Craton, South Australia.
Mineral Enterprises will contribute $500,000 of funding in
respect of the initial drilling program at Gum Flat, targeting hematite
iron ore and, subject to rights to withdraw,will then earn a 20 per cent
interest by contributing a further $500,000 of exploration expenditure by
31st December 2008.
It can earn an additional 20pc by contributing a further $1.5m of
exploration expenditure by 31st December 2010.
In addition, Mineral Enterprises has agreed to subscribe on or
before 15th August 2007 for 3.5m shares in Lincoln at 30c each to raise
$1.05m.
The funds raised will be used for working capital and to extend
exploration activities.
Lincoln shares were last traded at 24.5c.