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From: Nigel
ArtDate: 15th January 2007
Section: (FILLYABOOTS NEWS RELEASES)
Remote Name: 87.74.114.115
Date: 27/01/07
Time: 10:30
15th January 2007
Cape Lambert Signs Agremeent To Acquire Tenements
News Item - Conduit PR
Cape Lambert Signs Agremeent To Acquire Tenements Adjacent to 2.5bt WA Iron Ore Project
Highlights:
- CFE signs option agreement to acquire three tenements adjacent to CFE tenements in NW Western Australia - Recent drilling has confirmed an extension of current ore body that appears to cross into acquired tenements - Extensive exploration (RC and Diamond drilling) to commence on new tenements to determine full extent of ore body - Acquisition provides more options regarding location of necessary infastructure
Iron ore exploration and development company Cape Lambert Iron Ore Limited (ASX: CFE, AIM: CLIO) has signed an agreement with Norwest Sand & Gravel to acquire tenements E47/1233, E47/1248 and E47/1271.
These tenements are located adjacent to the companies Cape Lambert Iron Project (EL47/1462) in the northern coastal Pilbara of Western Australia, which is between the towns of Karratha, Roebourne and Wickham.
As part of the agreement Cape Lambert has the exclusive right to acquire the tenements for an option payment of A$200,000 plus 600,000 Cape Lambert Iron Ore Ltd ordinary shares. This option will expire on 30 September 2007.
On or before the expiry of the Option Cape Lambert must decide if it intends to purchase the tenements from Norwest Sand & Gravel using one of two schemes already agreed between the two parties. Both schemes have a cash and scrip consideration, with one scheme also having a royalty provision on any iron ore shipped from the tenement/s.
Commenting on the acquisition Cape Lambert Iron Ore Director Tony Sage said, “We believe the extension to the known mineralisation, as determined by recent drilling, may extend into these tenements and we will be agressively exploring along strike to determine if this is the case.”
For more information please contact:
Cape Lambert Iron Ore Ltd Tony Sage +61 8 9380 9555
Ian Burston +61 0 413 998 784
Australian Enquiries:
Professional Public Relations David Tasker +61 8 9388 0944
UK Enquiries:
Collins Stewart Miikka Haromo +44 (0) 20 7523 8000
Conduit PR Leesa Peters +44 (0) 20 7429 6600 / +44 (0) 781 215 9885
Website: www.capelam.com.au
Jos Simson Conduit PR Ltd 76 Cannon St EC4N 6AE Direct: +44 (0) 20 7429 6603 Office: +44 (0) 20 7429 6666 Fax: +44 (0) 20 7429 6699 Mob: +44 (0) 789 987 0450
www.conduitpr.com
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