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.
LML Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
