Mar. 11, 2011 - Bulk minerals explorer Sheffield Resources on Friday completed the acquisition of three mining leases and a retention licence from mineral sands producer Iluka Resources.
The tenements are located near Eneabba in Western Australia's mid-west region, and consolidated Sheffield's 2 500 km2 tenement holding in the North Perth basin heavy mineral sands province.
Sheffield bought the tenements for A$150 000, and a 1,5% gross sales royalty. The company also agreed to continue discussions with Iluka in relation to the sale of synthetic rutile ilmenite extracted from the tenements.
Sheffield said the acquisition provided the company with advanced exploration projects on granted mining leases, offering potential for near-term development.
Following the acquisition, Sheffield has seven advanced exploration projects within its extensive North Perth basin tenement package, located close to existing mineral sands operations and to a network of highways and railway lines connecting to Geraldton and Fremantle/Kwinana ports.
It plans to undertake drilling on its heavy mineral sands and talc projects during the next two months.
