Australia/China JV cleared for heavy minerals sands/bauxite project

BRISBANE – Australia’s Foreign Review Investment Board has approved an Australia/China partnership for the Cape York Heavy Mineral Sands and Bauxite Joint Venture. The JV is between Oresome Australia Pty Ltd (a wholly-owned subsidiary of Metallica Minerals) and Ozore Resources Pty Ltd (wholly owned by a Chinese investor).

Ozore will provide a total of A$7.5 million (of which $500,000 has already been received) to develop the Company’s HMS Urquhart Point Project, and explore for other heavy mineral sands and bauxite deposits on its tenements near and north of Weipa, on the western side of Queensland’s Cape York PeninsulaThe FIRB approval is the final Condition Precedent to the JV Agreement.

 The JV is expecting to receive a further payment of A$4.5 million from Ozore by September 11, 2014 after which it will initiate site preparation works at the Urquhart Point HMS Project, followed by exploration programs for HMS and bauxite. www.metalicaminerals.com.au (ATI).