Australian investment and exploration company Batavia Mining Ltd
(ASX:BTV) has entered into a heads of agreement to acquire a Northern Territory iron ore tenement package.
The company has entered into the heads of agreement with Northern Australian Iron Ore and Australian Ilmenite to acquire a project area in the Roper River Iron Ore Field around 475 km south east of Darwin in the Northern Territory.
Batavia has the exclusive right until January 31 to enter into a final and formal binding agreement in respect to the acquisition.
That agreement will grant Batavia a six month option to make the final purchase decision, during which time Batavia will conduct due diligence and exploration.
Batavia posted a profit for the year to June 30, 2009.
