Warwick purchases Pilbara tenements

29 April 2007 | 06:55 Code : 13539 Geoscience events
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Warwick Resources Ltd entered into agreements with Pilbara Chromite Pty Ltd....

  Warwick Resources Ltd entered into agreements with Pilbara Chromite Pty Ltd, a 100% owned subsidiary of Consolidated Minerals Ltd and Allarrow Pty Ltd for the purchase of a strategic portfolio of tenements adjoining the company’s Jimblebar gold and West Coobina chromite projects near Newman in Western Australia.Warwick Resources Executive Director Will Burbury said: “This agreement with an established Pilbara mining company consolidates the company’s strategic landholding in this mineral rich region.”“In a matter of months since listing on the ASX, Warwick Resources has strategically increased its landholding prior to commencing its first drilling program to evaluate these highly prospective assets.”The purchase of these tenements increases Warwick’s landholding near Newman to two large consolidated blocks with a total area of more than 700sqkm.Warwick Resources will purchase five tenements (E52/1595, P52/1092, P52/1025, P52/1094 and P52/1095) and a 20% interest in P52/869 from Pilbara Chromite for 400,000 Warwick Resources shares. Warwick Resources owns the remaining 80% interest in P52/869 which comprises the Jimblebar gold project. Warwick Resources will also purchase three tenements (E52/1750, P52/1098 and E52/1823) from Allarrow for 350,000 Warwick Resources shares (250,000 of which shall be escrowed for a period of 12 months). E52/1750 and P52/1098 are contiguous with the company’s West Coobina chromite project.

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