Mining ProjectsGroup Ltd. said March 29 that it plans to acquire the Wodgina East lithium-tantalumproject in Western Australia, in an acquisition which complements the Pilbara gold-lithiumproject.
The deal's terms call for the company to issue 40 million shareson signing to a private prospector, and a further 20 million shares upon tenementarea grant, both at 0.5 Australian cent apiece.
The company will also issue another 30 million shares based onthe delineation of mineral resources in the project area.
Preparations for initial exploration at the new project are alreadyunderway.
"Ongoing project evaluation, including compilation of allavailable geoscientific data sets, detailed mapping, sampling and mineralogicalinvestigations is already in progress and we are looking forward to the start ofground-based exploration activities," said Managing Director Josh Wellisch.