Altura Mining Ltd.: Pilgangoora - Native Title Agreement and Project Update
07.07.2016 | ABN Newswire
Perth - Altura Mining Ltd. (ASX:AJM) (OTCMKTS:ALTAF) is pleased to advise that it has agreed to terms and executed the Native Title Agreement (NTA) with the Njamal people, the traditional owners of the land at Altura's 100% owned Pilgangoora Lithium Project located in the Pilbara region of Western Australia.The signing of the NTA with the Njamal people is the final pre-requisite approval to allow the grant of the two mining leases covering Altura's planned development of the Pilgangoora Lithium Project. The agreement also reflects the professional manner in which the parties have directed resources in order to produce an outcome that has set the baseline for continued development of the relationship between both groups.
The NTA covers a range of commercial and non-commercial terms which remain confidential in nature.
Altura would also like to this opportunity to provide an update on recent activities at the project as it fast tracks towards production in 2017:
- Settlement of $20 million share placement
- Expiry of listed options (AJMO) on 30 June 2016 - 99.9% take up
- Award of the Definitive Feasibility Study (DFS) process design to DRA Pacific Pty Ltd
- Mobilisation of 3 drill rigs for resources / reserve expansion
- Identification of 8 prospective lithium target areas within existing tenement package
- 4 tonnes of mineralised core for process flow optimisation testwork with significant improvements already achieved, including adoption of HPGR technology in the crushing circuit
- Settlement of the acquisition of the E45/2363 tenement (ex Atlas Iron)
- Issue of Mining Tender documents and site visit with prospective tenderers
- Water exploration drilling program culminating in several production bores being identified and tested
- Expansion of in-house project professional team including the recruitment of a full-time Process Manager
- Agreements reached with the local authority to upgrade haul road and design of haul road commenced
- Power plant tenders issued
- Mining Proposal prepared for submission to DMP (Department of Mines and Petroleum) in July 2016
Altura is now well positioned to deliver the project in line with the previously disclosed aggressive time frame with key factors such as a strong balance sheet, amenable resource, defined process flow sheet, significant binding offtake and clear strategy to market. Further updates will be provided as they come to hand with delivery of the DFS during Q3 2016.
About Altura Mining Ltd:
Altura Mining Ltd. (ASX:AJM) is building a leading position in the independent supply of lithium raw materials, with a world class lithium project at Pilgangoora ready to set the platform and be the first new hard rock lithium product supplier in 2017. The Altura team has a track record of delivering mining projects with Pilgangoora the most advanced stage, near term producing lithium project; solid offtake partners and a market providing substantial growth opportunities to ensure positive shareholder returns.
Contact:
James Brown, Managing Director
Altura Mining Ltd.
T: +61-427-988-898
www.alturamining.com