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MUSGRAVE PROVINCE OF SOUTH AUSTRALIA
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Musgrave Minerals Limited was formed through an agreement between Mithril Resources Limited, Independence Group NL and Goldsearch Limited. The agreement was entered to join forces and accelerate exploration in the highly prospective Musgrave region. Each group will transfer their respective exploration interests in the Musgrave region and provide initial seed capital to the Company.
Under separate agreements with Musgrave Minerals Ltd, Barrick (PD) Australia Ltd, Integra Mining Ltd (IGR: ASX) and Argonaut Resources Ltd (ARE:ASX) have agreed to vend their respective interests in the South Australia Musgrave Province to become cornerstone investors in the Company.
Musgrave Minerals Ltd will have the largest exploration land holding in the Musgrave region totalling more than 50,000km2 and will hold a 100% interest in the majority of the tenements.
Mithril, Independence, Goldsearch and Integra have provided seed capital to the new entity to fund an initial phase of exploration that will focus on delineating new drill targets and advancing conceptual targets to a drill test decision ahead of the April 2011 IPO. The parties are also providing ongoing technical support to the new company.
Musgrave Minerals will conduct an initial public offering (IPO) of shares and will seek admission to the official list of the ASX and quotation of its shares prior to April 30, 2011. It will be a dedicated mineral explorer in the Musgrave Region of South Australia with exploration interests covering more than 50,000km2 in this underexplored terrain.
Musgrave Minerals has commenced exploration activities on its interests in the Musgrave area of South Australia in since incorporation and principle activities include ground and airborne geophysical surveys, geological mapping and geochemical sampling.
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