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Bondi Mining takes another step towards creating a Tier One mineral sands company

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Bondi Mining (ASX: BOM) has concluded due diligence and implementation of the merger process with World Titanium Resources Ltd to tranform Bondi into a mineral sands company with a world class development stage asset.

The proposed merger will create a listed vehicle containing a 100% interest in the Toliara Sands Project in Madagascar, one of the largest and highest grade mineral sands deposits in the world.

There is a large, high grade JORC Resource of 710 million tonnes at 6.3% total heavy minerals (THM), relatively rich in high value ziron at the deposit. The project is a  low capex, low cost, large tonnage asset that is potentially two years from production.

The merged company, to be renamed World Titanium Resources Ltd, will be set for significant growth as it moves to place the Toliara Sands project into production, putting Bondi on the path to becoming a major mineral sands producer.

Bondi and WTR announced on 29 August, 2011 that they have agreed to merge via a scheme of arrangement. WTR has indicated that it intends to unanimously recommend the scheme to shareholders.

WTR's largest shareholder Jean-Raymond Boulle, who through Boulle Titanium Ltd (part of the Boulle Mining Group) owns about 30% of WTR’s outstanding shares, has indicated his intention to vote in favour of the scheme.

A meeting of Bondi's shareholders to approve the transaction is expected to be held in late October, simultaneously with a General Meeting of WTR shareholders to approve the scheme of arrangement.

The implementation of the scheme is expected occur in mid-November.

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ASX:BOM
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