Australian Foreign Investment Review Board approval for
Munni Munni Platinum Group Metals and Gold Project acquisition
Alien Metals Ltd (LSE AIM:UFO) (FWB:I3A1) (OTC:ASLRF), a global minerals exploration and development company, is pleased to advise that the Company has received a ‘no objection’ letter from the Australian Foreign Investment Review Board (“FIRB”) in relation to the Company’s acquisition of a 100% interest in the Munni Munni Platinum Group Metals and Gold Project in the West Pilbara, Western Australia (“Munni Munni Project”) (“Acquisition”). As announced on 24 November 2021, the Munni Munni Project is currently subject to a joint venture between Artemis Resources Limited (ASX/AIM:ARV) and Platina Resources Limited (ASX:PGM).
The ‘no objection’ from FIRB was one of the key conditions precedent to the Acquisition, as referenced in the Company’s announcement on 21 January 2022, with the Company planning to satisfy the remaining conditions in the coming weeks.
Bill Brodie Good, Chief Executive Officer & Technical Director of Alien Metals, commented: “Receiving FIRB approval from the Australian Government for the acquisition of the Munni Munni Project satisfies one of the most significant regulatory conditions precedent to the transaction. We are now working on finalising the outstanding aspects to the conditions precedent to be able to complete soonest and start working in earnest on this very exciting project.”
The Munni Munni Project hosts the largest ultramafic intrusion in the West Pilbara and is one of the biggest undeveloped primary Platinum Group Elements (‘PGE’) Resources in Australia.
The historic non-compliant JORC 2004 Resource estimate* implied 24Mt @ 2.9g/t Platinum Group Element (PGE) and gold for 2.2Moz PGM3, around 95% of this resource estimate was in the Measured and Indicated categories with the resource hosting 1.14Moz palladium, 0.83Moz platinum, 152Koz gold and 76Koz rhodium.
*Resource published under 2004 JORC code and accordingly is not reported under a Standard under the AIM Rules. The historic resource figures are derived from the announcement[s] on the ASX published by Helix Resources on 3rd April 2003
For further information please visit the Company’s website at www.alienmetals.uk, or contact:
Alien Metals Limited
Bill Brodie Good, CEO & Technical Director
Tel: +44 (0)20 3811 2144
