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Winmar takes bigger stake in Hamersley

6th February 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed junior Winmar Resources has taken a bigger slice of the Hamersley iron project, in Western Australia, increasing its interest from 51% to 70%.

Winmar’s increased stake in the project formed part of the farm-in agreement with owner Cazaly Resources, which has diluted its own interest from 49% to 30%. In addition, Cazaly, through its wholly-owned subsidiary, Lockett FE, has also agreed to transfer its interest in the northern portion of a separate exploration licence adjacent to the Hamersley project.

Winmar said on Friday that the company was delighted with its increased shareholding in the Hamersley project, and would continue to work with Lockett to maximise the development potential of the asset.

A scoping study into the Hamersley iron joint venture indicated that the project was economically viable and based on the current mineral resource of 42.6-million tonnes, at 55.2% iron, the project could sustain an initial two-million-tonne-a-year direct shipping ore project.

Edited by Creamer Media Reporter

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