Image courtesy of Australian Potash Limited.
Australian Potash Limited has announced that St Barbara Limited has advised satisfaction of the expenditure commitment under the Earn-In and Joint Venture Agreement to acquire a 70 per cent interest in the tenements comprising the Lake Wells Gold Project (LWGP).
The LWGP is located approximately 60 kilometres from Gold Road Resource’s tier 1 Gruyere Project in Western Australia.
Australian Potash and St Barbara have now formed an unincorporated Joint Venture to continue the exploration, development and mining of mineral resources on the project.
Under the terms of the Agreement, Australian Potash shall not be obliged to make any contribution to project expenditure until such time as St Barbara has completed a bankable feasibility study into the development of any non-potash orebody within the project tenements.