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Victory West Moly Limited (ASX: VWM FSE: R1E) announced the imminent commencement of construction and development activities at the USSU Nickel Project.
Activities will include clearing and commencement of earthworks for the: - Initial Mining Area
- Mine roads
- Mine stockpile area
- Port Haul Road
- Port Area
Previously announced was an 80 hole drilling program targeting an inferred JORC by 1st QTR 2011, which is still on target. Currently the drilling program has been extended to include tight spaced drilling, nominally 25m x 25m in higher grade areas that will define the initial mining areas for the DSO operation. Also importantly, Victory West has now completed its Legal Due Diligence on the USSU Nickel Project and Oceantide Investments Pty Ltd (100% to be acquired by Victory West) has executed a formal memorandum of agreement (“MOA”) with the local Indonesian vendors of PT Primara Utama Lestari (“PT PUL”) (Oceantide to acquire 70% equity) and are in the process of finalizing key transaction agreements (including conditional sale and purchase of shares agreement, new articles of associations and shareholders agreements) and will work expeditiously to facilitate the conversion of PT PUL into a PMA Company (foreign investor company). The Company is to hold a General Meeting of Shareholders in early April 2011 to seek the approval from shareholders for the acquisition of the 70% equity interest in the USSU Nickel project through the 100% acquisition of Oceantide, and is on track to lodge the Notice of Meeting (NOM) next week. The NOM will also include a Solicitor’s Report from Christian Teo & Associates the Company’s Indonesian lawyers (legal report) and an Independent Geologist Report from GMT Indonesia the Company’s Indonesian Geological Consultants. More information, click here |
