ASX ANNOUNCEMENT7 September 2012 Northern Minerals - Areva alliance ends, strengthening Northern's divestment options for its Non-Rare Earth assets
Northern Minerals (ASX: NTU) advises that the Strategic
Alliance with French group Areva NC (Areva) has been
terminated by mutual agreement. The termination of the
Alliance forms part of the Company's focus on the development
of its Heavy Rare Earth (HRE) Projects in northern
The termination of the Alliance means Northern Minerals now holds 100% ownership of the Gardiner-Tanami Project which, allows it to pursue the divestment of its non-REE assets (including gold and uranium) in the region and to deliver additional value to shareholders.
Under the termination Agreement with Areva , a cash consideration of $200,000 will be paid to
Northern Minerals first formed the Strategic Alliance with Areva in 2007, to jointly pursue uranium exploration opportunities across the 10,500km2 Gardiner-Tanami Project.
Managing Director George Bauk said with Northern Minerals now firmly focussed on advancing its high grade HREE projects in the region, it was the right time to end the alliance and advance possible divestment of its non-REE assets.
"Drilling has returned some encouraging gold intersections, which are particularly relevant given the strong gold production credentials of the Tanami region."
"However, our focus is on developing the HREE projects in the region and advancing these toward production in 2015. We have been actively reviewing opportunities for the divestment of the non- REE assets. The termination of the agreement with Areva is a further step in this process, giving us
100% ownership and allowing us to advance potential divestment options," Mr Bauk said.
675 Murray Street, West Perth WA 6005
PO Box 669
ABN: 61 119 966 353
ASX ANNOUNCEMENT7 September 2012
Name Company Contact
For more information:
Ryan McKinlay / Karen Oswald
Managing Director/CEO Northern Minerals
+61 8 9481 2344
+61 8 6314 6300
+61 408 347 282 /
+61 423 602 353
About Northern Minerals
Northern Minerals Limited (ASX: NTU) is focused on development of rare earth elements (REE), with a large and prospective landholding in Western Australia and the Northern Territory.
The Company's flagship project is Browns Range, where it has a number of prospects with high value, heavy rare earth elements (HREE), in xenotime mineralisation. In particular, the mineralisation includes high levels of dysprosium and yttrium, which are in short supply globally. Following outstanding results from its drilling program, the Company is focused on advancing Browns Range toward production, using a relatively simple and low cost processing flow sheet to produce a high grade concentrate. The Company is aiming to produce and deliver HREO in concentrate by 2015. Northern Minerals also has a HREE exploration program underway at the geologically similar John Galt project.
Northern Mineral's gold program is focused on the Gardiner-Tanami project and Gardner Range JV, which comprise 10,500km2 on the WA-NT border. The projects are located within the world-class Tanami-Arunta gold region. For more information, visit www.northernminerals.com.au