Investigator Resources Increases Equity in Yalanda Hill JV – SA
Investigator Resources Limited (formerly Southern Uranium Limited) has advised Adelaide Resources Limited that its total sole funded expenditure on the 756 sq. km. Yalanda Hill Joint Venture has reached $250,000, the threshold required to increase its interest from 40% to 60%. Each party may now contribute to ongoing expenditure in accordance with its equity, or else elect to dilute.
The Yalanda Hill JV applies to contiguous Exploration Licences 4351, 4376 and 4665 situated 30 kilometres southeast of Kimba township on Eyre Peninsula (Figure 1 of the ASX announcement). Investigator Resources is Joint Venture Manager and plans and executes the exploration programs.
A soil sampling program completed over the three licences has delineated two uranium anomalies and three gold anomalies, one of which is also anomalous in copper and silver. The Joint Venture will complete follow-up sampling of these anomalies later in 2011.
Adelaide Resources' equity in the Yalanda Hill JV is to be included in the planned Peninsula Resources Limited IPO.
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