Kobex Signs MOU on Indonesian Nickel Laterite Property
24 Settembre 2012 - 3:00PM
Marketwired
Kobex Minerals Inc. ("Kobex" or the "Company") (TSX
VENTURE:KXM)(NYSE MKT:KXM)(NYSE Amex:KXM) is pleased to announce it
has signed a Memorandum of Understanding ("MOU") to acquire the
exclusive right to negotiate for the acquisition of an 85% indirect
interest in a Nickel Laterite property on the island of Sulawesi,
Indonesia.
The MOU is between Kobex and Geologic Systems Ltd. ("Geologic"),
a private B.C. company, which holds the exclusive right to
negotiate by Nov 20, 2012 a definitive agreement for the
acquisition of an 85% interest in PT. Citra Lampia Mandiri ("CLM"),
a private Indonesian company. CLM holds an exploration and an
exploitation licence (IUP) on the Lampia property totaling about
10,000 hectares.
The Lampia property has in excess of 676 drillholes, indicating
the near surface presence of nickel rich limonite and saprolite
horizons. Development of the property had commenced anticipating
the export of unprocessed ore but was halted with the enactment in
May 2012 of Mining Regulations restricting exports to domestically
processed value-added products. Prior to these export restrictions
Indonesia was a significant supplier of nickel laterite ore to
China for use as feedstock in the production of nickel pig iron, a
low nickel grade iron alloy used extensively in China for the
production of stainless steel.
Geologic has a binding Letter of Intent ("LOI") with PT. Asia
Pacific Mining Resources ("APMR") which allows Geologic to acquire
APMR's 85% interest in CLM by negotiating a definitive agreement
with APMR having the following cash payments:
-- 2.5 M USD on signing a definitive agreement on or before Nov 20, 2012
-- 4.0 M USD on or before the start of project construction
-- 5.0 M USD on or before the start of commercial production
-- 30.0 M USD within the first 3 years of commercial production.
-- A royalty of 1.75 USD/dry tonne ore processed
The MOU between Kobex and Geologic assigns to Kobex Geologic's
right to negotiate and to enter into a definitive agreement based
on the following cash payments and issue of shares to Geologic.
-- $25,000 CDN on signing of the MOU
-- $25,000 CDN and 2 million Kobex shares on Kobex signing a definitive
agreement with APMR
-- 3 million Kobex shares on or before the start of construction following
the cash payment to APMR
-- 3 million Kobex shares or before the start of commercial production
following the cash payment to APMR.
Under the MOU Kobex can, without obligation, terminate its
interest at any time.
Kobex has commenced technical, commercial and legal due
diligence and the negotiation of a definitive agreement with
APMR.
Any definitive agreement will be subject to conditions for the
benefit of Kobex, including acceptance of the TSX Venture Exchange
and entering into satisfactory arrangements with the owner of the
remaining 15% interest in CLM.
On behalf of the Board of Directors
KOBEX MINERALS INC.
Alfred Hills, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Kobex Minerals Inc. Alfred Hills President
604-688-9368 604-688-9336 (FAX)investor@kobexminerals.com
www.kobexminerals.com
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