Carbine Resources Limited announced that it has signed a binding term sheet (Term Sheet) to acquire 100% of the Sandbox Silica Sands Project, Queensland from FNQ Sand Pty Ltd. (FNQ) and Suga Dino Pty Ltd. (Suga), subject to various conditions precedent including shareholder approval (Acquisition). The Sandbox Project is located approximately 22km south-southeast of Innisfail, Queensland. Direct access to the tenure is via the Bruce Highway thence via sealed local roads.

Both the Sandbox Project and the Mourilyan Port are accessed off the Bruce Highway. The Sandbox Project covers a land area of 59Ha on freehold land contained within the 1300Ha exploration permit, EPM 27338. The Suga Dino tenement, EPM 27696, covers 6804Ha between EPM 27338 and the Port at Mourilyan Harbour.