AXMIN Inc. (TSX VENTURE:AXM) announces that it has regained control of its Mavita Copper-Nickel-Cobalt Project in Mozambique following the withdrawal of Rio Tinto Minerals Development Limited, a wholly owned subsidiary of Rio Tinto Plc (LSE:RIO) from a joint venture over these permits.
The Mavita project consists of two prospecting licences (PL1045L and PL1046L) covering 354 sq km, located on the eastern edge of the Zimbabwe Craton. Reconnaissance exploration followed by airborne and detailed ground geophysical programs, completed by AXMIN have defined several anomalous lithologies and 16 priority targets.
Under the terms of the agreement announced on June 9, 2010, AXMIN will regain 100 percent control of the Mavita licences. All of the data from exploration work completed by Rio Tinto on behalf of the joint venture agreement will be relinquished to AXMIN.
President and CEO of AXMIN, Mr. George Roach, comments, "Although we are disappointed that the Mavita project did not make Rio Tinto's exploration requirements we remain encouraged about the prospectivity of the Mozambique assets. To that end, we are in negotiations with another potential joint venture partner and hope to announce an agreement shortly. AXMIN remains focussed on rapidly advancing it's revalidation of the Passendro Gold Project feasibility study to include the upside of the current gold prices and our updated mineral resources and reserves. Simultaneously, AXMIN has reopened negotiations, in conjunction with Endeavour Financial, with appropriate parties who will form part of the mine development debt finance consortium and expect to inform our shareholders on its progress in the near future."
Source: AXMIN Inc.