As previously announced by Meridien Resources Limited (MRJ)on 23 January 2012, Meridien reached an agreement with Stonewall Mining Limited to acquire all of Stonewall’s assets excluding Bosveld Mines. Meridien is now pleased to advise that it has also reached agreement with Stonewall to acquire Bosveld Mines for no additional consideration above the consideration terms detailed in the Head of Agreement announced on 23 January 2012. Meridien considers Bosveld Mines to be a potentially valuable exploration target which delivers significant strategic and operational synergies to the existing Stonewall projects already being acquired by Meridien. Furthermore, Bosveld Mines is currently commissioning a tailings test plant to establish an understanding of the metallurgy as well as develop a mining plan for full scale processing of the significant tailings.
Bosveld Mines Project is located at Klipwal in the KwaZulu-Natal Province, near the national border between South Africa and Swaziland. The Bosveld Mines rights area covers 7,837Ha, and is accessed via an all-weather gravel road branching off the National N2 Highway between the towns of Piet Retief and Pongola. Bosveld Mines Project is located approximately 320km due south from the existing Stonewall projects (Sabie and TGME) which are already subject to the Heads of Agreement as announced on 23 January 2012.
Tags: acquisition, Bosveld Mines, Meridien Resources, Mining Exploration, MRJ
