Essex Minerals Inc. announced that has entered into binding terms with First Au Limited for an arm's length option, earn-in and acquisition of the Mt Turner project in north Queensland, Australia, where preliminary exploration by the Company has outlined a very large copper-molybdenum (with gold and silver) porphyry target. Upon execution of a formal agreement once certain conditions are met, FAU shall pay Essex an Option Fee comprising 5,000,000 fully paid ordinary FAU shares and 5,000,000 two-year share purchase options exercisable at AUD 0.03 per option and within 220 days fund a minimum AUD 500,000 on exploration of the Mt Turner Project, including a detailed induced polarization program over the main Mt Turner mineralized anomaly. Payment of the Option Fee is conditional on 60 days due diligence by FAU, completion by Essex of its share purchase of KNX Resources Limited, signing of a formal agreement, and TSX Approval (if required).

Subject to completing the minimum expenditure during the Option period and their willingness to proceed, FAU shall pay Essex a further 10,000,000 fully paid ordinary FAU shares and then shall have the right to earn a 51% interest in the Mt Turner project by spending a further AUD 2,000,000 on exploration over two-years from exercise date of the Option. At completion of the earn-in, FAU shall then have the right to acquire the remaining 49% interest in Mt Turner by issuing to Essex either 49% of the equity in a special purpose vehicle formed to hold the Mt Turner project, or that number of shares in FAU equivalent to an independent valuation of the 49%. Essex shall retain a 1.5% net smelter return royalty over the project, which FAU can acquire for the payment of AUD 3,000,000 cash.

FAU considers Mt Turner a strategic acquisition that complements the Australian explorer's existing copper prospects of Dogwood in Victoria and Mabel Creek in South Australia.