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Rutila sells 7% interest in Balla Balla

23rd October 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed Rutila Resources, previously known as Forge Resources, has sold a 7% interest in its Balla Balla magnetite project, in Western Australia, to its joint venture partner The Todd Corporation for A$7-million.

Rutila now owns a 68% share in the project, while Todd holds the balance.

The Balla Balla magnetite, vanadium and titanium project currently has a Joint Ore Reserves Committee-compliant resource of 456-million tonnes, at 45% iron, 0.64% vanadium and 13.7% titanium.

Earlier this year, Rutila was given environmental approval to develop the Balla Balla export facility to export up to six-million tonnes a year of ore from the mine.

Edited by Creamer Media Reporter

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