Ironbark will take on equal joint title of the Project and will continue exploration in an equal Joint Venture Agreement with Glencore.

The Project, which comprises one Exploration Licence, was previously held by Rutila Resources Limited, with Ironbark and NSW Base Metals earning up to 75% of the Project.

The new Joint Venture Agreement replaces the Rutila-Ironbark-Glencore Joint Venture Agreement. Ironbark will issue one million Ironbark shares to Rutila and a minor cash adjustment. Both JV partners will pay a proportional share of a 0.25% trailing production royalty to Rutila.

Ironbark and Glencore have already enjoyed exploration success with significant base metal intercepts returned from the Jerangle Prospect drilling in 2013, and look forward to continuing their work on this significant and underexplored proven high grade base metals province.

 

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