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Artemis mulls acquisition of Fox Resources' Western Australian mining assets

Artemis Resources Ltd. has secured a three-month exclusive option to purchase the Radio Hill nickel-copper project in Western Australia from Fox Resources Ltd. for a total of A$3.5 million.

The deal includes the Radio Hill nickel-copper operations, a 425,000-tonne-per-annum base metals processing plant and associated mining and exploration tenements, according to the Dec. 16 statement.

The acquisition includes Fox's interest in the Mount Oscar iron ore joint venture with Magnetite Resources, as well as its interest in the West Pilbara joint venture with Pilbara Minerals Ltd., which is prospective for nickel, copper and zinc.

The Radio Hill mine was placed on care and maintenance by Fox in 2008.

Artemis will pay a A$200,000 option fee during the three months, and A$3.3 million if it decides to go through with the acquisition.

The transaction is conditional on the company securing at least A$4 million via a debt financing arrangement or capital raising, and receipt of regulatory and ministerial approvals.