On 19 August 2016, Eclipse Metals Ltd (ASX:EPM) (Eclipse or the Company) and its
wholly owned subsidiary, North Minerals Pty Limited (North) executed a Farm-In / Joint
Venture Agreement (the Agreement) with Rio Tinto Exploration Pty Ltd (Rio Tinto), a
wholly owned subsidiary of Rio Tinto Limited (ASX RIO). The Agreement is to acquire an
interest in one of the Company’s Northern Territory Liverpool Uranium Project tenements, in the world class Alligator Rivers Uranium Field .
RIO TINTO CAN FUND UP TO $5 MILLION EXPLORATION
EXPENDITURE TO EARN A 90% INTEREST IN ONE OF THE FIVE
ECLIPSE LIVERPOOL PROJECT URANIUM-GOLD-PALLADIUM
TENEMENTS. RIO TINTO HAS THE RIGHT OF FIRST REFUSAL OVER OTHER
TENEMENTS HELD BY ECLIPSE IN THE NORTHERN TERRITORY.
Mr. Carl Popal, Executive Chairman of Eclipse, welcomed the agreement with Rio Tinto, stating:
“Eclipse welcomes this arrangement with Rio Tinto as a strong vindication of our belief in the prospectively of the Liverpool Project generally. The arrangements with Rio Tinto will mean that standout exploration targets will be given first-class technical assessment by one of the world’s largest and most successful mining and exploration companies.
We continue to seek the best results for the Eclipse shareholders and believe that this Farm-in and Joint Venture arrangement significantly enhances the prospects of identifying and developing economically viable mineral deposits at the Liverpool Project
An additional favourable factor in the Agreement is that it contains a Right of First Refusal (ROFR) in favour of Rio Tinto over various other Eclipse uranium tenements in the Northern Territory which have been identified as being of interest.”
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