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Lonmin Withdrawing from Luwumbu Farmin Agreement

IMX Resources states that its joint venture partner, Lonmin Plc, is withdrawing from the Luwumbu Farmin Agreements.  

Lonmin has been exploring for Platinum Group Elements at Luwumbu, in Tanzania, since 2003 and their withdrawal at this stage means it has not earned an interest and the rights to the Luwumbu tenements remain with IMX Resources 90% / Albidon Limited (ASX:ALB)10%.  

The Company stated they may seek other potential partners for a joint venture on the Luwumbu tenements to finance a less metal specific exploration programme. IMX believes this potential has been significantly enhanced following the relationships it has developed in China through the process of developing a partner for its Cairn Hill project in South Australia.

 MB Crusher