Brief: West Wits Mining Entered A Farm-In And Joint Venture Term Sheet With Rio Tinto Exploration

West Wits Mining

10/12/2021 01:25

Dec 10 (Reuters) - West Wits Mining Ltd  WWI.AX :
    * ENTERED A FARM-IN AND JOINT VENTURE TERM SHEET WITH RIO
TINTO
EXPLORATION
    * RIO TINTO EXPLORATION TO EXPLORE WEST WITS MT CECELIA
PROJECT IN
EAST PILBARA, WESTERN AUSTRALIA UNDER A FARM-IN AND JV AGREEMENT
    * RTX HAS RIGHT TO EARN A 51% INTEREST BY SPENDING A MINIMUM
OF
A$4M OF EXPLORATION EXPENDITURE WITHIN 4-YEARS
    * RTX THEN HAS OPTION TO ELECT TO SOLE FUND FURTHER A$6M OF
EXPLORATION EXPENDITURE WITHIN 3-YEARS TO EARN AN ADDITIONAL 29%
INTEREST
    * RTX HAS EXCLUSIVE RIGHT TO EARN INITIAL 51% JV INTEREST BY
SOLE
FUNDING EXPLORATION EXPENDITURE OF A$4 MILLION

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