Peel regains 100% ownership of the Mallee Bull copper and May Day gold deposits
SYDNEY: Peel Mining Limited has completed the acquisition of its former joint venture partner’s (CBH Resources Limited) 50% interest in the Mallee Bull Project to take Peel’s ownership of the project to 100%.
Ministerial approval for the transfer of titles (the final condition precedent to the sale) was received recently, with cash consideration of $17m paid to CBH Resources as settlement shortly thereafter(in accordance with the terms of the purchase and sale agreement).
Accordingly, the Mallee Bull Joint Venture is now formally dissolved delivering Peel complete managerial independence.
Following this, and Peel recently also regaining full ownership of the Wirlong copper deposit, the Company has moved to 100% legal ownership of its entire Cobar Basin tenement package, whilst also pivoting the Company to copper as its primary metal of economic focus.
Peel Managing Director Rob Tyson commented: “I would like to thank CBH for their participation in the Mallee Bull Joint Venture over the past eight years –CBH’s funding was instrumental in helping to delineate the Mallee Bull deposit.
“Under the Joint Venture, Mallee Bull rapidly advanced into a major copper discovery with mineralisation extending from near surface to at least 800m below surface.
“With complete managerial independence now returned, it is the Company’s intention to undertake a resource drill out at Mallee Bull to establish a primarily Indicated Resource as part of the Company’s plans to achieve a critical mass of resources to support our Hub& Spoke strategy.
“The acquisition of Mallee Bulldelivers100% control of Peel’s entire Cobar Basin tenure, whilst significantly increasing the Company’s exposure to copper, and expanding the Company’s asset base in its objective to achieve critical mass to support a standalone processing plant.”
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