Mining Projects Group Limited (ASX: MPJ) – $0.004

28 Jan 2016

Mining Projects Group Limited (ASX: MPJ) has agreed to acquire the Lynas Find Assets to be renamed the Pilbara lithium-gold Project in the Pilbara region of Western Australia (Figure 1) from Tyranna Resources Limited (ASX: TYX) and Tribal Mining Pty Ltd.


MPJ Pilbara lithium

Figure 1. Regional location of the Pilbara Project including infrastructure



The Project adjoins both Pilbara Minerals Limited’s (ASX: PLS) Pilgangoora lithium-tantalum Project and Altura Mining Limited’s (ASX: AJM) Pilgangoora lithium project.


The Project covers 29km2 approximately 100km south of Port Hedland. It has a JORC (2004) gold resource of 49,515oz comprising 933,400t at 1.65g/t and produced 125,493oz of gold during 1994 and 1998.


The company has paid the vendors a non-refundable deposit of $20,000 and upon completion of the deal will pay $200,000 cash and issue 200 million shares and 100 million unlisted options exercisable at 1 cent by the end of June 2017. It will issue a further 100 million shares when the tenements are granted. All these shares and options will be escrowed for 12 months.



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