PERTH: GWR Group Limited has confirmed receipt of the execution payment of $250,000 (ex GST) related to the Mining Rights Agreement for the mining of up to 3 million tonnes of iron ore from its John William Doutch (JWD) deposit at GWR’s 100% owned Wiluna West Iron Ore Project by private iron ore development group Gold Valley Iron Ore Pty Ltd, following signing of a formal agreement pursuant to the revised term sheet previously announced on 17 September 2019.
Gold Valley Iron Ore Pty Ltd is part of the Gold Valley Group, a diversified Australian based company with interests in mining agriculture and energy. Gold Valley is currently developing the Yarram iron ore deposit in the Northern Territory and has the right to mine the Ridges iron ore deposit owned by Kimberly Metals Group in Western Australia.
Gold Valley plans to develop small to medium scale iron ore deposits to sell into niche markets. It also holds other mineral interests including Mount Holland Mining lithium (Li and Au in WA) and Mount Hampton Pty Ltd (Au in WA).
Gold Valley recently acquired the assets of Territory Resources Limited which includes the Francis Creek Iron Project.
The Wiluna West Iron Ore Project, is an exceptional, DSO iron ore development project, which will produce a high grade, low impurity iron ore as metallurgical tests have demonstrated. Mining approvals are in place for large scale mining operations (up to 7Mtpa) over an initial mine life of 10 years.
In April 2012, GWR was granted mining approval for the JWD high grade deposit. This Mining Approval allows for the mining of up to one million tonnes per annum for three years for a total of 3 million tonnes of iron ore.