Mustang and Implats JV River Valley PGM property
Mustang Minerals Corp MMIN
Shares issued 8,500,930 Dec 13 close $0.37
Tue 14 Dec 99 News Release
Mr. Robin Dunbar reports
Impala Platinum Holdings Limited and Mustang Minerals have formed the
Mustang-Implats River Valley joint venture. An agreement has been finalized
under which Implats can earn a 60-per-cent interest in 511 mining claim
units in the River Valley intrusion. The River Valley intrusion is a
layered complex 50 kilometres west of Sudbury, Ont., in which platinum
group metals have been identified.
Implats can earn a 60-per-cent interest in the River Valley PGM property by
spending $6-million on the property over five years and making cash
payments to Mustang of $255,000 over four years. The first year exploration
budget is $560,000. The partners will create a technical committee to
oversee the exploration program. The joint venture will use the expertise
of Mustang in local operating practices and procurement, while Implats will
contribute capital and its expertise as the world's number 2 primary
producer of platinum group metals.
Steve Kearney, the chief executive officer of Implats, commented, "We are
pleased to begin exploration with Mustang on the River Valley project and
look forward to contributing to the success of this venture, our first
outside South Africa."
Robin Dunbar, president of Mustang, added: "With the contribution of
capital and expertise from Implats, we greatly expand the potential of the
River Valley project. We look forward to working with Implats, a world
leader in platinum group metals production."
Phase 1 of the first year exploration program, consisting of line cutting,
geological mapping, rock sampling and a ground magnetics survey, was
commenced in August, 1999, and is nearing completion. Phase 2 of the
program will be conducted during the period from January to August, 2000,
and will include stripping and washing, geophysical surveys and drilling.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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