TAX REBATE OF $747,000 RECEIVED FOR 2011 FINANCIAL YEAR EXPENDITURE
Speewah Metals Limited (“Speewah” or “the Company”) (ASX:SPM) is pleased to advise that it has received a Research & Development tax rebate based on research that forms part of the 2011 Exploration Programme.
The tax rebate, received this week, totaled $747,000 and will support working capital throughout the remainder of 2012.
Research conducted as part of the Exploration Programme completed during the 2011 Financial Year complies with the criteria set out for the Research & Development Scheme that allows the deductible cost of the research to be claimed as a Tax Rebate.
ELIGIBILITY FOR REBATE FOR 2012 FINANCIAL YEAR EXPENDITURE
Speewah expects that it will be eligible to receive a further Research & Development tax rebate based on research that forms part of exploration and detailed metallurgical testing that was completed during the 2012 Financial Year.
The metallurgical testwork has shown that the mixed chloride leach and solvent extraction process tested generated +90% recoveries of Titanium (Ti), Vanadium (V) and Iron (Fe) as 3 separate high grade end products. This testwork is a natural progression from Research & Development project that sought to define and identify the unique mineralogical deposit that forms the Speewah JORC Resource.
Approval and receipt of this rebate is expected to occur in 2nd Quarter 2013.
RECEIPT OF STAGE 2 EIS GRANT FUNDS
Speewah also recently received final payment in respect of the 2nd stage of State Government Exploration Incentive Scheme (EIS) funds for the 2011/2012 Year.
The 2nd stage grant funds totaled $30,000 and represents grant funding support for exploration work Speewah completed earlier in the financial year.
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