Newport Mining (NMN)

Shares / Stock Code

NMN

Stock Exchange / Sharemarket

Australian Securities Exchange

Newport Mining (NMN) was incorporated on 31 October 2007 for the purpose of exploration, development and investment in resource opportunities. On 27 November 2007 a joint venture agreement was signed between Newport, PlatSearch NL and Bohuon Resources Pty Ltd for the Pathfinder Project comprising South Australian exploration licences 3216, 3280 and 3281. This agreement gives Newport the opportunity to earn a 60% interest in the Pathfinder Project. The Company will explore the area for Sudbury-style nickel sulphide deposits and iron-oxide associated copper-gold deposits. Company listed on ASX on 13 February, 2008.

The Pathfinder Project covers an area of over 2,310 square kilometers. The Project is located at the southern end of the Fowler Domain on the western side of the Gawler Craton in a similar setting to the Thompson Nickel Belt in Canada. The Pathfinder project embraces the Toolgerie, Yalata and Black Hills tenements on the western Gawler Craton. The Company has a joint venture with PlatSearch NL (PlatSearch) and Bohuon Resources Pty Ltd (Bohuon) in respect of South Australian exploration licenses (EL) 3216, 3280 and 3281 (Tenements).

Pathfinder Project

The Pathfinder project embraces the Toolgerie, Yalata and Black Hills tenements on the western Gawler Craton. A joint venture agreement has been signed with PlatSearch NL (“PlatSearch”) and Bohuon Resources Pty Ltd (“Bohuon”) whereby Newport can earn a 60% interest by completing expenditure of $1.5 million within four years. When Newport has earned a 60% interest, PlatSearch and Bohuon can elect to participate with their 32% and 8% interest respectively, or reduce to a 16% and 4% interest respectively, free-carried to completion of a favourable bankable feasibility study (“BFS”) and decision to mine. During the first 12 months of the agreement, Newport must complete a Stage One work programme costing $250,000. The agreement provides that Newport will issue 500,000 shares to PlatSearch at $0.06 per share ($30,000) and will grant PlatSearch 1,000,000 options and Bohuon 200,000 options with an exercise price of 35 cents, which are exercisable at any time prior to the expiry date of 31 December 2011.

Newport Mining (NMN) Products and Services

  • Exploration, Development and Investment in the resources sector

Newport Mining (NMN) Locations and Subsidiaries

Newport Mining Head Office
Level 9 BGC Centre, 28 The Esplanade, PERTH,
WA, AUSTRALIA, 6000
Phone: (08) 9322 6322
Fax: (08) 9322 6558

Newport Mining (NMN) Share Price

Submitted by ASX Listed Company on 14 May, 2010 - 16:29

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