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Mineral Resources Signs Agreement with Reed Resources on Mt Marion
Tuesday October 27, 2009, 9:36 am

Original Announcement: MIN signs agreement with Reed Resources on Mt Marion

Mineral Resources announced that it has reached a Farm-in agreement with Reed Resources to develop the Mount Marion Lithium Project located between Kalgoorlie and Kambalda in the Goldfields region of WA. The Feasibility Study, which is currently underway, will confirm the parameters by which initial production will occur, particularly in relation to the mix of chemical/glass grade products. Initially, the project is expected to deliver up to 1Mtpa of ore (or the equivalent of 200,000t of concentrate at 6.5% Li2O) to a Mineral Resources designed and built start-up plant alongside the existing Nimbus processing plant. Under the Farm-in Agreement, the Company will earn an entitlement to 40% of net profit from the operations at the Mount Marion Project, with Reed Resources retaining the balance of net profit and the right to purchase all Spodumene produced at fair market value.

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