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Agrimin purchases Lake Auld potash project

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World Fertilizer,

Agrimin Ltd has acquired a 100% interest in the Lake Auld potash project in the East Pilbara region of Western Australia.

The project consists of a granted Exploration Licence (E45/4925) covering a lakebed area of 108 km² across Lake Auld. The Exploration Licence is subject to an existing Land Access and Mineral Exploration Agreement with the Western Desert Lands Aboriginal Corporation (Jamukurnu-Yapalikunu) RNTBC, the Native Title representative body for the Martu people.

The project is neighboured either side by the company’s existing Exploration Licence applications which cover the broader Canning Palaeovalley system and associated chain of lakes that includes the southern half of Lake Auld and Percival Lakes.

The company has agreed to issue 250 000 fully paid ordinary shares to Zinfandel Exploration Pty Ltd as part of the consideration to acquire the Exploration Licence. The shares will be issued upon certain conditions precedent being met, including ministerial consent to the transfer of the Exploration Licence to Agrimin, and will be subject to a six month voluntary escrow period.

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