BILLITON AND SMARTTRANS HOLDINGS LTD (FORMERLY COOLGARDIE GOLD NL) ENTER
INTO BASE METAL EXPLORATION AGREEMENT IN QUEENSLAND
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London, 23 May 2001
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Billiton Plc announces that its subsidiary Billiton Exploration Australia
Pty Ltd ("Billiton") has signed an agreement with Smarttrans Holdings Ltd
("Smarttrans") in relation to their Riversleigh Base Metal project in
Queensland. Riversleigh is considered prospective for Proterozoic sediment-
hosted Zn-Pb-Ag mineralisation in the Mt Isa Western Succession.
Mineralisation has been intersected in previous drilling at the Grevillea
and Grevillea North prospects and a data review conducted by Billiton
revealed the presence of an interpreted extension of the mineralised horizon
plus untested GEOTEM anomalies within the granted tenements.
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Under the terms of the agreement Billiton can earn 51% in Riversleigh by
sole funding A$3M of exploration expenditure within 3 years. Billiton can
then elect to earn an additional 19% (to 70%) in the project by sole funding
a further A$5M within a further 3 years.
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In addition, Billiton has a right to invest in any subsidiary company that
Smarttrans establishes to hold the Riversleigh project after such company
lists on the ASX.
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Commenting on the agreement, David Whitehead, Billiton's Chief Executive
Exploration and Development, said, "We are pleased to be able to extend our
search for base metal mineralisation within the prospective horizons of the
Mt Isa Western Succession to this project, which offers targets immediately
accessible for drill testing."
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ends
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Enquiries:
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Marc Gonsalves, Senior Manager Corporate Affairs, Billiton Plc
Tel: +44 20 7747-3956 Mobile: +44 7768 264 950
Fax: +44 20 7747-3903 email: mgonsalves@billiton.com
Michael Campbell, Manager Corporate Affairs, Billiton SA Limited
Tel: +27 11 376 3360 Mobile: +27 82 458 2587
Fax: +27 11 376 3362 email: mcampbell@billiton.com
John Antcliffe/Michael Oke, Smithfield Financial: Tel: +44 20 7360-4900
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