Reward Minerals (ASX: RWD) has reached the execution stage in negotiations with the Western Desert Lands Aboriginal Corporation (WDLAC), representing the Martu Traditional Owners, regarding compensation for potash mining at the company’s Lake Disappointment Project in Western Australia.
WDLAC must consult and seek approval with the Martu Traditional Owners before mining operations can begin.
A total of 30 drill holes determined that Lake Disappointment lakebed sediments are from 3 metres to 10 metres thick.
The highest level JORC Indicated Resource at the Lake Disappointment Project was; 8,635 million tonnes for 27.37 million tonnes of potash.
The company has appointed Azure Capital and its affiliate Indigenous Investment Management as advisers to assist in discussions with the Martu Traditional Owners on the Lake Disappointment Project.
Reward shares have ridden the potash re-rating rollercoaster recently, after hitting $1.40 last week, well off the $0.25 low in mid-2010.
The shares last traded at $1.01.