Rum Jungle Resources Limited (ASX:RUM) Signs Potash MOU with Chinese Government Group
November 6, 2013 (Source: ABN Newswire) — A MOU has been signed in Beijing, China, between Rum Jungle Resources Ltd (ASX:RUM) and China International Chemical Consulting Corporation (CICCC) a branch of China Petroleum and Chemical Industry Federation which is involved in over 70% of China’s chemical industry through its organisational structure providing consulting and engineering skills to projects.
CICCC has business all over China and in over 20 overseas countries.
Key points of the arrangement are:
– CICCC will, by end of November, tender a proposal to RUM for the requirements, costing and timing of a Prefeasibility Study (PFS) at Karinga Potash Project
– CICCC will arrange visits to China for RUM staff and consultants and access to large lake brine potash salt projects in China for the benefit of RUM technical staff
– CICCC will arrange meetings in Beijing for RUM technical staff to meet other experts and share knowledge, particularly with respect to potassium sulfate production
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– CICCC will visit Karinga Lakes in first quarter 2014 to assess viability and collect samples as part of PFS.
Commenting on the new alliance, David Muller, Managing Director of RUM, said:
“Whist I have been visiting Beijing and “China Mining Conference” in Tianjin the last few days in company with the NT Mines and Energy officials and the NT Ministerial team, it is clear that there is a huge shortage of potash salts in China with over 6,000,000 tonnes imported annually, hence a strong interest in this project. The possible association with CICCC and their huge network could not only provide best practice expertise to our project but will bring us onto the Chinese radar as a potential supplier of potassium salts”.
Meanwhile, progress at the Karinga Project includes pump testing of trenches, sonic core drilling and evaporation trials, which are all performing well on schedule. It is anticipated that, by end February 2014, sufficient data should be available to press ahead with a PFS in the second quarter, providing a major advancement with the project.
AMMAROO PHOSPHATE PROJECT
Worley Parsons is progressing the Prefeasibility Study. Since our last report advising of commencement of drilling at the Ammaroo Phosphate Project, exploration and resource development drilling has seen both rigs performing well and the program should be completed by the end of next week. Assay data received over the next two months will allow a new resource calculation to be released early in the New Year, on schedule. The new resource will include drilling from Barrow Creek 1 and the open ground extending over 15 km east of Arganara, within the tenement owned by Central Australian Phosphate Limited of which Rum Jungle Resources Ltd now holds 88.6%. An Institutional investor site visit has been arranged for next week on Wednesday 13th November at Ammaroo.
About Rum Jungle Resources Limited
Rum Jungle Resources (ASX:RUM) is an Australian Securities Exchange listed, diversified junior explorer focused on highly prospective land located in Australia’s Northern Territory and Queensland.
A Northern Territory and Queensland focussed mineral explorer with a portfolio including: Uranium, Potash, Phosphate and Base Metals.
Rum Jungle Resources has strategic alliances with other major Northern Territory explorers increases exposure to additional exploration areas.
Rum Jungle Resources has experienced geological management backed up by a solid financial base to fund exploration budgets.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>