Olympia Resources Signs JV Agreement with Island Minerals
Wednesday, October 24th, 2007
The Board of Olympia Resources Ltd is pleased to announce that it has signed a joint venture agreement with Island Minerals Pty Ltd to carry out exploration on KPs (tenements) in Kalimantan. Island Minerals has made application for KPs covering over 200,000 Ha in three highly prospective areas in Southern and Western Kalimantan. Once granted Olympia has agreed to carry out exploration on the KPs and where appropriate develop feasibility studies for mining. For this Olympia will earn a 70% share of all mining projects developed on these KPs.
– Agreement covers tenement (KP) applications for over 200,000 Ha of highly prospective ground for zircon and gold in Southern and Western Kalimantan
– Southern Kalimantan tenements cover an inferred resource of 700,000 tonnes of contained heavy mineral sands within 100 km of the proposed Bati Bati processing site
– Development of the resource would give Olympia its own feed for the Bati Bati plant in addition to zircon concentrate purchased off artisan miners
– Potential to double net operating cashflow from Bati Bati plant to $10 million per year
For further information visit: www.olympiaresources.com