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Artemis Resources to acquire Radio Hill nickel and copper operations

Published: 12:30 16 Dec 2016 AEDT

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Artemis Resources to acquire Radio Hill nickel and copper operations

The Radio Hill Plant is located 35 kilometres south of Karratha in the Pilbara Region of Western Australia.

The project has a significant existing resource of nickel, copper and zinc situated within a 15 kilometre radius of the Radio Hill plant.

Artemis will pay a $100,000 fee on execution of the binding conditional agreement, $50,000 in month two, and $50,000 in month three.

A final consideration of $3.3 million is payable for the acquisition by the end of month three or may be extended subject to mutual agreement by both parties.

The transaction will be conditional on Artemis completing a debt financing arrangement or capital raising, or a combination of debt and equity of at least $4 million.

The existing sulphide nickel/copper resources remaining at Radio Hill is 4.02 million tonnes grading 0.51% nickel and 0.88% copper, with a significant exploration upside potential.

The deal includes the 425,000 tonnes per annum Radio Hill nickel and copper processing plant, tailings storage facility, and a fully developed underground mine.

Importantly, Artemis can use the facilities to fast track its nearby Weerianna and Carlow Castle deposits containing 110,000 ounces of gold resources.

The company also owns the nearby Munni Munni deposit which contains a resource of 830,000 ounces of platinum, 1.14 million ounces of palladium and 152,000 ounces of gold.

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