Heron Resources Limited (
Heron or the
Company) is pleased to announce that it has
entered into a Farm-In Agreement with Alchemy Resources Limited
(
Alchemy) covering a portfolio of Heron’s NSW
exploration tenements.
The Farm-In Agreement covers 674 km2 of the central Lachlan
Orogen in NSW, including the following exploration tenements:
EL5878 Overflow, EL7941 Overflow, EL8267 Overflow, EL8192 Eurow,
EL8318 Girilambone and EL8356 Yellow Mountain.
Under the headline terms of the Farm-In, Alchemy will spend A$1M
over 3 years to earn 51% and a further A$1M within the 2 subsequent
years to earn an additional 29% interest in the tenements. Once
Alchemy reaches the 80% interest in the tenements, a Joint Venture
(JV) will be formed with Heron free carried to completion of a
Prefeasibility Study. During the term of the JV, should Heron’s
interest reduce to less than 5%, Heron’s interest will revert to a
1.5% NSR. In addition, Alchemy will issue 2 million Alchemy shares
(escrowed for 12 months) and 2.5 million, 3 year, 10c options to
Heron as initial consideration.
Heron is pleased to be working with Alchemy on these highly
prospective tenements whilst the Company’s efforts remain focused
on the development of the high grade Woodlawn Zinc-Copper
Project.
About Heron Resources Limited:
Heron’s primary focus is the development of its 100% owned, high
grade Woodlawn Zinc-Copper Project located 250km southwest of
Sydney, New South Wales, Australia. In addition, the Company holds
a significant high quality tenement holding in the Lachlan Fold
Belt of New South Wales and the Kalgoorlie Nickel Project in
Western Australia.
For further information, please visit
www.heronresources.com.au or contact:
Australia:
Mr Wayne Taylor
Jon
Snowball
Managing Director and Chief Executive
Officer
FTI Consulting
Tel: +61 2 9119 8111 or +61 8 6500 9200
+61 2 8298 6100
Email: heron@heronresources.com.au
jon.snowball@fticonsulting.com
Canada:
Tel: +1 647-862-1157 (Toronto)
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
INFORMATION This news release contains forward-looking
statements and forward-looking information within the meaning of
applicable Canadian securities laws, which are based on
expectations, estimates and projections as of the date of this news
release. This forward-looking information includes, or may be based
upon, without limitation, estimates, forecasts and statements as to
management’s expectations with respect to, among other things, the
timing and amount of funding required to execute the Company’s
exploration, development and business plans, capital and
exploration expenditures, the effect on the Company of any changes
to existing legislation or policy, government regulation of mining
operations, the length of time required to obtain permits,
certifications and approvals, the success of exploration,
development and mining activities, the geology of the Company’s
properties, environmental risks, the availability of labour, the
focus of the Company in the future, demand and market outlook for
precious metals and the prices thereof, progress in development of
mineral properties, the Company’s ability to raise funding
privately or on a public market in the future, the Company’s future
growth, results of operations, performance, and business prospects
and opportunities. Wherever possible, words such as “anticipate”,
“believe”, “expect”, “intend”, “may” and similar expressions have
been used to identify such forward-looking information.
Forward-looking information is based on the opinions and estimates
of management at the date the information is given, and on
information available to management at such time. Forward-looking
information involves significant risks, uncertainties, assumptions
and other factors that could cause actual results, performance or
achievements to differ materially from the results discussed or
implied in the forward-looking information. These factors,
including, but not limited to, fluctuations in currency markets,
fluctuations in commodity prices, the ability of the Company to
access sufficient capital on favourable terms or at all, changes in
national and local government legislation, taxation, controls,
regulations, political or economic developments in Canada,
Australia or other countries in which the Company does business or
may carry on business in the future, operational or technical
difficulties in connection with exploration or development
activities, employee relations, the speculative nature of mineral
exploration and development, obtaining necessary licenses and
permits, diminishing quantities and grades of mineral reserves,
contests over title to properties, especially title to undeveloped
properties, the inherent risks involved in the exploration and
development of mineral properties, the uncertainties involved in
interpreting drill results and other geological data, environmental
hazards, industrial accidents, unusual or unexpected formations,
pressures, cave-ins and flooding, limitations of insurance coverage
and the possibility of project cost overruns or unanticipated costs
and expenses, and should be considered carefully. Many of these
uncertainties and contingencies can affect the Company’s actual
results and could cause actual results to differ materially from
those expressed or implied in any forward-looking statements made
by, or on behalf of, the Company. Prospective investors should not
place undue reliance on any forward-looking information. Although
the forward-looking information contained in this news release is
based upon what management believes, or believed at the time, to be
reasonable assumptions, the Company cannot assure prospective
purchasers that actual results will be consistent with such
forward-looking information, as there may be other factors that
cause results not to be as anticipated, estimated or intended, and
neither the Company nor any other person assumes responsibility for
the accuracy and completeness of any such forward-looking
information. The Company does not undertake, and assumes no
obligation, to update or revise any such forward-looking statements
or forward-looking information contained herein to reflect new
events or circumstances, except as may be required by law.
No stock exchange, regulation services provider, securities
commission or other regulatory authority has approved or
disapproved the information contained in this news
release.