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Neometals to buy lithium-nickel tenements in Western Australia

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Neometals to buy lithium-nickel tenements in Western Australia

Neometals Ltd. is acquiring 100% of the lithium rights over the Mount Edwards lithium project in Western Australia for an initial A$2.5 million in cash and a royalty.

The company will also acquire some neighboring tenements and the nickel rights on an adjoining nickel rights package, it said March 15.

Estrella Resources Ltd. will sell subsidiary Mt Edwards Lithium Pty. Ltd., which holds 75% of the project, to Neometals for an initial A$700,000, with up to A$2.0 million payable on achievement of certain milestones.

Estrella will also receive a royalty of 50 Australian cents per tonne of 75% of the amount of lithium-bearing ore processed from the tenements.

To acquire the lithium and nickel rights from Apollo Phoenix Resources Pty. Ltd., Neometals will pay A$1.8 million when the assets are transferred.

The sale is expected to complete within two to three months.