Eumeralla Resources signs letter of intent on Tin and Tungsten concession in Myanmar
The Directors of Eumeralla Resources (ASX:EUM) are pleased to provide the following update on the company.
Summary:
· Eumeralla Resources Ltd (EUM) and Myanmar incorporated Southern World Mining Co Ltd. (SWM) have signed a non-binding letter of intent (LOI) to jointly explore tin and tungsten licences in Southern Myanmar's historical Tenasserim region.
· On final confirmation of the agreement with SWM, one licence will transfer the mineral rights to EUM. In addition, the JV is currently negotiating on securing three additional large scale exploration or mining licences in the tin and tungsten belt in southern Myanmar.
· The four licences will give EUM approximately 4,000 acre footprint in an exciting region which is well recognised for its historical Tungsten, Gold and Copper production.
· The current agreement is non-binding and subject to due diligence. The Directors of EUM expect binding legal documentation and due diligence to be completed before the end of Q32012.
· The company is also engaged in advanced talks with several other parties holding tin and tungsten exploration licences and hope to conclude these agreements shortly.
Key Developments:
The Directors of EUM have signed a non-binding letter of intent with SWM to jointly develop a total of four large scale exploration or mining licences in the Tenasserim tin and tungsten region of southern Myanmar. Myanmar based SWM specialises in identifying large scale, quality resource assets in the region. EUM will utilise SWM's extensive regional geological expertise to assist in identifying the three additional large scale exploration licences. EUM expects the four large scale licences to total approximately 4,000 acres.
EUM's directors continue to be encouraged by political and economic developments in Myanmar and believe that the lack of exploration over the last 30 years combined with favourable geology make the country highly prospective for tin and tungsten.The southern regions of Myanmar include areas belonging to the South East Asian tin belt. This belt includes parts of Indonesia, Malaysia and Thailand and at times produced 65 per cent of the world's tin and the largest percentage of the world's tungsten. The area around the port city of Dawei is the major focus of exploration. (Diagram 1)
Summary:
· Eumeralla Resources Ltd (EUM) and Myanmar incorporated Southern World Mining Co Ltd. (SWM) have signed a non-binding letter of intent (LOI) to jointly explore tin and tungsten licences in Southern Myanmar's historical Tenasserim region.
· On final confirmation of the agreement with SWM, one licence will transfer the mineral rights to EUM. In addition, the JV is currently negotiating on securing three additional large scale exploration or mining licences in the tin and tungsten belt in southern Myanmar.
· The four licences will give EUM approximately 4,000 acre footprint in an exciting region which is well recognised for its historical Tungsten, Gold and Copper production.
· The current agreement is non-binding and subject to due diligence. The Directors of EUM expect binding legal documentation and due diligence to be completed before the end of Q32012.
· The company is also engaged in advanced talks with several other parties holding tin and tungsten exploration licences and hope to conclude these agreements shortly.
Key Developments:
The Directors of EUM have signed a non-binding letter of intent with SWM to jointly develop a total of four large scale exploration or mining licences in the Tenasserim tin and tungsten region of southern Myanmar. Myanmar based SWM specialises in identifying large scale, quality resource assets in the region. EUM will utilise SWM's extensive regional geological expertise to assist in identifying the three additional large scale exploration licences. EUM expects the four large scale licences to total approximately 4,000 acres.
EUM's directors continue to be encouraged by political and economic developments in Myanmar and believe that the lack of exploration over the last 30 years combined with favourable geology make the country highly prospective for tin and tungsten.The southern regions of Myanmar include areas belonging to the South East Asian tin belt. This belt includes parts of Indonesia, Malaysia and Thailand and at times produced 65 per cent of the world's tin and the largest percentage of the world's tungsten. The area around the port city of Dawei is the major focus of exploration. (Diagram 1)
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