Australian Potash Ltd has announced that St Barbara Ltd has advised satisfaction of the expenditure commitment under the earn-in and joint venture (JV) agreement to acquire a 70% interest in the tenements comprising the Lake Wells Gold Project (LWGP).
APC and SBM have now formed an unincorporated JV to continue the exploration, development and mining of mineral resources on the project. Under the terms of the agreement, APC shall not be obliged to make any contribution to project expenditure until such time as SBM have completed a bankable feasibility study into the development of any non-potash orebody within the project tenements.