Classic Minerals Limited (ASX:CLZ) (the Company or Classic) is pleased to announce that, in accordance with the terms of its Earn In and Joint Venture Agreement (Agreement) with IGO Newsearch Pty Ltd, a wholly-owned subsidiary of IGO Limited (ASX:IGO) (together, IGO) (CLZ announcement to ASX dated 17 June 2019 refers), IGO has notified Classic of:
(a) its election to acquire a 51% interest in the Company's Fraser Range tenements (Tenements), having earnt that interest by spending $1,500,000 on exploration of the Tenements; and
(b) its intention to spend a further $1,000,000 exploring the Tenements over the next 2 years to take its joint venture interest to 70%.
Under the terms of the Agreement, upon the transfer of the 51% interest, IGO will pay Classic $500,000.
Classic Minerals Ltd T: +61-8-6305-0221 E: email@example.com WWW: www.classicminerals.com.au
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