Victory West Moly updates on USSU Nickel Project
Victory West Moly Limited has announced the imminent commencement
of construction and development activities at the USSU Nickel
Project.
Activities will include clearing and commencement of earthworks for
the:
Initial Mining Area
Mine roads
Mine stockpile area
Port Haul Road
Port Area
Previously announced was an 80 hole drilling program targeting an
inferred JORC by Q1 2011, which is still on target. Currently the
drilling program has been extended to include tight spaced
drilling, nominally 25 meters x 25 meters in higher grade areas
that will define the initial mining areas for the DSO
operation.
Also importantly, Victory West has now completed its Legal Due
Diligence on the USSU Nickel Project and Oceantide Investments Pty
Limited has executed a formal memorandum of agreement with the
local Indonesian vendors of PT Primara Utama Lestari and are in the
process of finalizing key transaction agreements and will work
expeditiously to facilitate the conversion of PT PUL into a PMA
Company.
The company is to hold a General Meeting of Shareholders in early
April 2011 to seek the approval from shareholders for the
acquisition of the 70% equity interest in the USSU Nickel project
through the 100% acquisition of Oceantide, and is on track to lodge
the Notice of Meeting next week.
The NOM will also include a Solicitor's Report from Christian Teo
& Associates the Company's Indonesian lawyers (legal report)
and an Independent Geologist Report from GMT Indonesia the
Company's Indonesian Geological Consultants.
Quelle:
http://www.steelguru.com/stainless_steel_news/Victory_West_M…,
Stand: 04.03.2011