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Cullen Resources Ltd.
Summary
| Project: | Mt Stuart Iron Ore JV | |
|---|---|---|
| Deposit: | Mt Stuart Iron Ore JV | |
| Location: | Australia | |
| Commodities: | Iron | |
| Date: | 12/8/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 8-12-2016: Cullen Resources Ltd. announces a Resource Estimation report for its Mt Stuart Iron Ore JV deposit at the Mt Stuart Iron Ore JV project. JV - Updated Mt Stuart Iron Ore JV (MSIOJV) resource estimate. API Management Pty Ltd (API), the Manager of | |
| Resources: | (Resource, Total): 176Mt @ 54.5% Fe global MSIOJV resource | |
| CP/QP: | [Resources]: Richard Gaze (Golder Associates) | |
| ABSTRACT: | API Management Pty Ltd (API), the Manager of the Mt Stuart Iron Ore Joint Venture (MSIOJV), has provided an Updated Mineral Resource Estimate for the MSIOJV - (ELs 08/1135, 1292, 1330, 1341 and MLs 08/481, 482) between Cullen Exploration Pty Ltd (30%) and API - 70%. A copy of the covering letter from API and the report by Golder Associates Pty Ltd for the MSIOJV Updated Mineral Resource Estimate is attached. The Mt Stuart Iron Ore Joint Venture (ELs 08/1135, 1292, 1330, 1341 and MLs 08/481, 482) – is between Cullen Exploration Pty Ltd (30% and contributing) and API Management Pty Ltd (API) - 70%. The shareholders of API are the participants in the unincorporated joint venture known as the Australian Premium Iron Joint Venture (APIJV), namely Aquila Steel Pty Ltd 50% (the ultimate owners of which are Baosteel Resources Australia Pty Ltd (Baosteel) (85%) and Aurizon Operations Limited (15%)); and AMCI (IO) Pty Ltd 50% (the ultimate owners of which are AMCI Investments Pty Ltd (51%) and Posco WA Pty Ltd (Posco) (49%)). Baosteel and Posco are subsidiaries of major steel producers in China and Korea respectively. API Management Pty Ltd is the manager of the APIJV, the MSIOJV and the Red Hill Iron Ore Joint Venture (between API and Red Hill Iron Limited). These joint ventures hold the iron ore rights over a number of deposits that form the West Pilbara Iron Ore Project (WPIOP), located in the northern part of Western Australia. | |
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