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Sep 02, 2004
TSX Venture Exchange Accepted For Filing 80% Interest In Mulga Tank Nickel Project, Western Australia
Mr. Ian Rozier, President of Newport Exploration Ltd. (the "Company") is please to announce that the TSX Venture Exchange (the "TSX") has accepted for filing an Agreement dated May 25, 2004 pursuant to which the Company may acquire an 80% interest in an Exploration License covering 210 sq km, and a 75% interest in an Application License covering 153 sq km, in Western Australia, together known as the Mulga Tank Nickel Project ("Mulga Tank") from King Eagle Resources Pty. Limited of Western Australia, see news release dated May 25th, 2004.
In consideration, the Company will pay a total of CDN$600,000 in stages over a 3 year period ($30,000 (paid), $30,000 upon closing, $60,000 within 12 months) and issue a total of 2,250,000 shares in stages over a 3 year period, 150,000 shares upon closing (these shares have a 4 month hold period expiring on January 2, 2005) and a further 300,000 shares within 12 months, and undertake $2,500,000 in exploration expenditures within 3 years (CDN$250,000 within 12 months). There were no finders' fees or commissions paid in connection with this transaction.
Mulga Tank is a significant target for the large dunite hosted nickel sulphide deposit located approximately 250km northeast of Kalgoorlie in the Northeast Goldfields of Western Australia, an area that contains some of the world's largest nickel deposits. The Mulga Tank tenements overlay portions of an extensive greenstone belt which includes the Minigwal dunite, a large, intense, circular, magnetic anomaly with an area of approximately 4 km in diameter. This anomaly has the characteristics for a major dunite hosted nickel sulphide deposit such as Mt. Keith which is also located in the Northeast Goldfields area of Western Australia. Technical work undertaken by BHP at Mulga Tank in the early 1980s reported assay results of up to 2% nickel and defined an extensive zone of 0.2% - 0.5% Ni, which included 2261m of shallow RC drilling, that remains open at depth in all directions.
"By virtue of its size, anomalism and the exploration results to date, the Mulga Tank prospect has the potential to host a major nickel sulphide deposit and as such represents an excellent acquisition for Newport", stated Ian Rozier.
The Company is well funded to meet its obligations on the property for the first two years and the Mulga Tank nickel project will be the major focus of the Company going forward.
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The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of the contents of this news release.