Third Minotaur-Japanese JV in as many ASX trading days

16 October 2007 | 05:17 Code : 15651 Geoscience events
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Minotaur Exploration has announced its third Australian minerals exploration.....

  Minotaur Exploration has announced its third Australian minerals exploration joint venture in as many ASX trading days with major Japanese conglomerates.The latest Minotaur exploration agreement is with the Japan Oil, Gas and Metals National Corporation (JOGMEC) to explore an area west and north of Olympic Dam in South Australia for iron oxide copper-gold-uranium mineralisation.It is the Australian company’s second joint venture agreement with JOGMEC following a successful partnership with the Border Project near Broken Hill in which the Sumitomo group is now involved.Minotaur said the new JOGMEC agreement announced yesterday had been finalised through its subsidiary, Minotaur Operations Pty Ltd, and together with Toro Energy Ltd.It follows Monday’s announcement that Japan’s Mitsubishi Group had joined Minotaur in the Boorowa copper-gold JV in New South Wales and the ASX release on Friday last week that Mitsubishi had also joined Minotaur and Gateway Mining in their Cowra copper-gold project, also in NSW. Under the terms of the JOGMEC agreement, the Japanese group has the right to earn a 51% equity in the Roxby North (EL 3761) and Acropolis South (EL 3762) tenements by sole funding $2 million of exploration expenditure over a three year period, of which $1 million is a minimum obligation.Minotaur will be the operator of the exploration program. An Access Agreement between the company and Minotaur Uranium (now a wholly owned subsidiary of Toro Energy) will continue to regulate the relationship between them and their proportionate interests in uranium and non-uranium minerals.JOGMEC is a government organization under the Japanese Ministry of Economy, Trade and Industry responsible, amongst other mineral and petroleum related activities, for fostering international exploration for, and development of, strategic metals.JOGMEC was established in February 2004. As of April 1, 2007, its Equity Capital is 187.9 billion yen and the number of its employees is 486.“These various new joint ventures further highlight the strong relationships that Minotaur has built up with various Japanese conglomerates over the years,” Minotaur’s Managing Director, Derek Carter, said.“They are also a further vote of confidence in Minotaur’s exploration portfolio and a further endorsement of the expanding international interest in Australian resource projects,” he said.“We already have Mitsubishi funding Booubyjan for us and Sumitomo recently took over from JOGMEC at our Broken Hill Border Project.“With these other three projects announced over the past three ASX trading days, Minotaur will be funded at over $2 million per year and have access to advanced geophysical hardware and software coming out of leading edge Japanese research.”

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