Chinese Delegation Visit Padbury Mining Limited For Due Diligence Discussions
09.06.2011 | ABN Newswire
09:39 AEST June 9, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Padbury Mining Limited (ASX: PDY) is hosting a six-member delegation visit by China\'s Taifeng Group Co Ltd (Taifeng) as part of due diligence on an offer for a stake in the Company as announced to the ASX on 28 April 2011.
The group is arriving in Perth tonight and will be visiting Padbury\'s tenements on Saturday and Sunday and undertaking further due diligence activities in Perth before leaving for China Tuesday night.
Any offer will require the approval of Padbury shareholders and the consent of the Foreign Investment Review Board.
Managing Director Gary Stokes said the interest was a vote of confidence in Padbury\'s iron ore resource at its flagship Peak Hill project in Western Australia\'s Mid West Region.
About Padbury Mining Limited:
Padbury Mining Limited (ASX: PDY) is a Perth-based ASX-listed mineral exploration company focussed on the development of its significant iron ore assets in Western Australia's Mid West Region.
The company's flagship project is the Peak Hill Iron Joint Venture, a highly prospective iron ore project with an initial 850Mt JORC compliant magnetite resource located 750km north east of Perth, Peak Hill is in the same mineralised region as a range of other major Mid West miners at various stages of project development. These include Sinosteel Midwest Corporation, Crossland Resources and Atlas Iron.
Contact:
Padbury Mining Limited
Tel: +61-8-6460-0250
http://www.padburymining.com.au/