ASF Partnering with Heilongjiang Geological Institute
ASF Group Limited (the "Company") is pleased to announce that the Company has signed a Co-operation Agreement (the "Agreement") with The Institute of Regional Geological Survey of Heilongjiang Province ("Heilongjiang Geological Institute") at the China Mining Conference held at Tianjin, China on 17 November 2010.
Heilongjiang Geological Institute agrees to jointly explore the Mount Dundas tenement (EL14/2007) and other potential tenements in Tasmania with the Company.
Heilongjiang Geological Institute will commence an exploration program with the intention of contributing up to approximately A$1.7million (RMB11 million) for extensive investigation of the Mount Dundas tenement. It is expected that the exploration program will be started in around January 2011 and the Company and Heilongjiang Geological Institute will have an interest of 30% and 70% respectively in the tenement.
Heilongjiang Geological Institute is a comprehensive survey and research institution which was established in 1966. It currently has 358 full time employees with over 80% university graduated or above qualified. Heilongjiang Geological Institute engages in a variety of strategic and multi-disciplinal research activities on geological survey including territorial resources survey, mineral resources survey and exploration, assessment of groundwater situation, providing geotechnical information essential to designs of all types of civil works, investigating natural hazard and evaluating economic mineral potential.
Chairman of the Company, Ms Min Yang, said "the Company is encouraged by the partnership with Heilongjiang Geological Institute. With its extensive experience, strong research capability and coupled with a huge professional team, the Institute makes itself an ideal partner in this project. We believe that the partnership with Heilongjiang Geological Institute will enable us to explore more opportunities in resources activities in Australia."
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