Laverton Nickel Project sale

Emerging energy and uranium company Dynasty Metals Australia Ltd continues....

  Emerging energy and uranium company Dynasty Metals Australia Ltd continues to rationalise its non-core gold and nickel assets with the sale of the Laverton Nickel Project to Poseidon Nickel Ltd (formerly Niagara Mining Ltd).Dynasty yesterday executed a letter of intent to sell the Laverton Nickel Project for $400,000 fully paid shares in Poseidon. The arrangement is subject to a 3 month due diligence period. Dynasty Managing Director Rita Brooks said: “The Board is pleased to partner with Poseidon as they proceed to drill the favourable target zones and Dynasty shareholders will continue to participate in the nickel exploration with the company’s shareholding in Poseidon."The Laverton Nickel Project is located 15km north-west of Laverton and 1km south-east of the Denny Bore prospect, where Poseidon reported nickel sulphides including 0.37m at 17.58% Ni in January 2007. The project covers part of a large composite granite pluton occupying the core of the Margaret Anticline, a south plunging regional scale fold structure bounded on either side by the Celia Lineament and Laverton Tectonic Zone. In and around the project area, the granites contain a number of dismembered remnants of the mineralised Windarra BIF/ultramafic sequence. Poseidon has recently undergone a reorganisation and is focussed on revitalising the Mount Windarra nickel province that sparked the nickel boom of the 1970s. Poseidon intends to undertake an extensive and exploration program over the area