Winmar increases legal and beneficial interest in Hamersley Iron Project
Winmar Resources Limited (ASX: WFE) (Winmar; the Company) is pleased to announce that it has increased its participating interest in the Hamersley Iron Project (Tenements E47/1617 and M47/1450) from a 51% interest to a 70% interest.
In accordance with the terms of the Winmar Exploration Farm-in and Joint Venture Agreement, Joint Venture partner Lockett FE Pty Ltd (Lockett; a wholly owned subsidiary of Cazaly Resources (ASX: CAZ)) agreed its participating interest in the Hamersley Iron Project is diluted from a 49% interest to a 30% interest. Winmar will now register this amendment with the Department of Mines & Petroleum, WA.
In addition, Lockett has agreed to transfer to Winmar its full participating interest in the northern portion of the Exploration Licence 47/1617
Winmar is delighted to increase its participating interest in the Hamersley Iron Project and will continue to work closely with Lockett to maximise the development potential of the asset. The Hamersley Project is an advanced exploration target with major exploration upside and development potential.
Moving forward, Winmar and Lockett continue to be severally liable in proportion to their participating interest for all obligations and liabilities incurred at the project in the course of carrying out future joint venture activities. Winmar continues to manage the project.