Neometals Limited (ASX: NMT) – $0.033
22 Jan 2015
Neometals Limited’s (ASX: NMT) 70% owned subsidiary Reed Industrial Minerals Pty Ltd has entered into a binding Memorandum of Understanding with Metals X Limited (ASX: MLX) and its relevant subsidiaries to lease the lithium mining rights over a portion of the Hampton Area Location 53 that adjoins the Mt Marion Lithium Project in Western Australia (Figure 1).
Figure 1. Location of Mt Marion Project including existing infrastructure
Mining services provider Mineral Resources Limited (ASX: MIN) owns the remaining 30% of Reed Industrial Minerals, funding and operating the project through its subsidiary Process Minerals International Pty Ltd.
The Agreement will enable Reed Industrial Minerals to explore and develop extensions of the West Lithium Deposit located on the northern boundary of the Mt Marion Project with Metals X to retain the gold rights.
For further details of the Agreement, visit www.neometals.com.au
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