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Thundelarra turns to court for Red Bore ruling

14th October 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Minerals explorer Thundelarra has turned to the Western Australian Supreme Court in an effort to gain its shareholding in the Red Bore copper prospect.

Under a farm-in agreement with the registered holder of the Red Bore prospect, Thundelarra had the right to earn a 60% equity interest in the tenement area by defining an indicated resource.

In May last year, the junior announced a maiden Joint Ore Reserves Committee-compliant resource of 48 000 t, grading 3.6% copper and 0.4 g/t gold at the Red Bore prospect. The company said on Monday that by defining this resource, it had satisfied the farm-in requirements.

However, the registered holder had to date not acknowledged the earn-in notice, and had not transferred the 60% interest to ASX-listed Thundelarra.

The company stated that attempts to reach the holder and to resolve the impasse had not been successful, and that it had to turn to the Supreme Court to protect shareholders' funds used to acquire the rights to earn an interest in Red Bore, and to explore the tenement area.

The hearing would likely take three days, but no date had been set for when a judgment would be handed down.

Edited by Creamer Media Reporter

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