Business
Strata Minerals Inc. Announces Cardabia Joint Venture Agreement
TORONTO, Feb. 7, 2012 /CNW/ - Strata Minerals Inc. (TSX-V: SMP) ("Strata" or the "Company"...
About this update from Revival Gold Inc
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Feb. 7, 2012 /CNW/ - Strata Minerals Inc. (TSX-V: SMP) (\"Strata\" or the \"Company\") is pleased to announce that it has entered into a definitive joint\n venture agreement (the \"JV Agreement\") with South Boulder Mines Limited\n (\"STB\") on the Cardabia Phosphate Project (the \"Cardabia Project\") in\n Western Australia.  Under the terms of the JV Agreement, Strata will\n acquire an 80% interest in the Cardabia Project in consideration for a\n cash payment of AUD $200,000 and the issuance of 2.5 million Strata\n common shares. Strata will manage the Cardabia Project through to the\n completion of a bankable feasibility study (the \"BFS\") and STB will\n have a free-carry interest in the Cardabia Project during that period. \n Upon completion of the BFS, pro-rata dilution of ownership of the\n Cardabia Project will occur between Strata and STB based on each\n partner's proportional contribution to the ongoing expenditures of the\n Cardabia Project.\n\n\nThe Cardabia Project is comprised of tenement applications E08/2359,\n E08/2322, E08/2301, E08/2302 and E08/2303 which cover a total area of\n approximately 1,600 km2.  The Cardabia Project is located within the Ashburton Mineral Field\n approximately 1,000 km north of Perth with several key logistical\n infrastructure solutions within close proximity including: (1) road\n access from the North West Coastal Highway immediately adjacent to the\n eastern tenement boundary (see Figure 1 attached); (2) access to the\n Dampier to Bunbury Gas Pipeline, which passes to the east of the\n tenement boundary; (3) access to an abundant artesian water supply from\n the Carnarvon Basin located below the tenement, which has a\n demonstrated flow rate of 5 million litres per day.  In addition, the\n tenement is only 35 km from the coast to the west and 80 km from the\n town of Exmouth to the north.\n\n\nStrata and its consultants have conducted due diligence using open file\n historical geological data, as well as a field trip to the Cardabia\n Project site.  A significant amount of historical data exists on the\n Cardabia Project from work conducted between 1989 and 1991 by CRA\n Exploration Pty Ltd, a former subsidiary of Rio Tinto Ltd.  Although\n originally exploring for base metals on the Cardabia Project, high\n grade values of phosphat...