Overview
Following the surrender of the tenements that comprised the Blackstone and Michael Hills projects. RMC has entered into a Farm-in Deed for these tenements. Tenements include E69/2106, E69/2107 (not yet granted), and E69/2108, EL69/2109 (granted).
The Farm-in Deed dated 02 June 2005 is between Giles Exploration Pty Ltd, (Giles), Resource Mining Corporation ltd, (RMC), Westmin Exploration Pty Ltd, (Westmin), and Rivergold Exploration Pty Ltd, (Rivergold).
Recently listed Redstone Resources Limited has acquired Giles Exploration Pty Ltd, Rivergold Exploration Pty Ltd and Westmin Exploration Pty Ltd and has assumed responsibilities for these entities under the terms of the Farm-in Deed.
Under the terms of the Farm-in Deed, RMC has earned a 25% interest in the EL’s by the provision of certain geological and geophysical information to Redstone. Redstone is solely responsible for the funding of exploration costs with a minimum of $1,000,000 to be spent by 02 June 2008.
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