Strike Resources (ASX: SRK) has been granted a trading halt this morning by the ASX pending an update on the "shootout" in relation to the company's 50% joint venture holding in Apurimac Ferrum SA.
The company's shares have been placed in pre-open.
Strike has recently indicated that 100% ownership is expected in Apurimac Ferrum (the Shoot-out provision in Settlement Agreement), which would help increase the company's exposure to large-scale iron ore projects in Apurimac and Cusco regions of southern Perú - where the goal is to establish a 15-20 million tonne per annum business.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Monday 8th October.
Worth noting Strike had $20.5 million in cash at the end of the June 2012 quarter, yet the company's current market cap. is just $16 million.
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