Tawana finalises Bad Hill farm-in agreement

Bald Hill Mine Image credit: tawana.com.au

Tawana Resources’ wholly owned subsidiary Lithco No.2 and Alliance Mineral Assets (AMA) have finalised the terms of the farm-in agreement for the joint exploration and exploitation of lithium and other minerals at the Bad Hill Lithium and Tantalum Project in Western Australia.

Bald Hill Mine
Image credit: tawana.com.au

Under the terms of the agreement, Tawana is required to spend a minimum of $7.5 million on exploration, evaluation and feasibility by 31 December 2017, as well as an additional $12.5 million on upgrading and converting the ore processing plant, infrastructure costs, pre-stripping activities and other expenditures by December 2019 to earn 50% of all rights to lithium minerals from the tenements comprising the project.

Tawana Managing Director Mark Calderwood said upon completion of the expenditure commitment and capital expenditure, the company will be entitled to a 50% interest in the Project (being all minerals from the tenements and the processing plant and infrastructure at Bald Hill).

“We continue to work very closely with our Joint Venture Partners, Alliance Mineral Assets, as we continue to work together to become a spodumene producer in 2017,” Mr Calderwood concluded.