Sydney Australia, May 30, 2016 (GLOBE NEWSWIRE) -- 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:
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
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.
Source: Heron Resources Limited