Traka Resources (TKL) has received notification that Anglo American (Australia) Pty Ltd (“Anglo American”) has met the initial expenditure commitment of $3 million on the Traka/Anglo Musgrave Project and has earned a 51% interest in the joint venture tenements which comprise 11 of the 34 tenements held by Traka and managed by Anglo American or managed by Traka in joint venture with other parties.
Anglo American has also elected to earn an additional 24% interest in the Musgrave Project joint venture tenements by expending an additional $6 million within the next 4 years. An aggressive joint venture exploration program is proceeding which will comprise drill testing of a number of very encouraging targets highlighted by last year’s exploration program together with ongoing geophysical and geological surveys.
Anglo American’s expertise and exploration activity within Traka’s very large Musgrave Project has made a very significant contribution to the progress of work. Traka is encouraged by the progress of joint venture operations to date and looks forward to further significant results being generated by this year’s work programs.
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