Great Western, TKS to develop Tanzanian copper project

10 November 2011 (Last Updated November 10th, 2011 18:30)

Great Western Exploration has entered into a head of agreement with Kazakhstan's national mining firm Tau-ken Samruk (TKS), to develop the Spasskaya copper project.

Great Western Exploration has entered into a head of agreement with Kazakhstan's national mining firm Tau-ken Samruk (TKS), to develop the Spasskaya copper project.

Under the terms of the agreement, Great Western will form joint venture (JV) with the TKS for the exploration and production of copper, gold and by-products at the Spasskaya project.

Great Western will fund the project through to bankable feasibility study to earn its 50% JV interest and act as operating manager of the JV and the project.

TKS will assist in gaining the necessary work approvals and ensure the JV will carry out exploration according to the rules, regulations and accounting methods of Kazakhstan.

The project comprises a 12,500km2 area covering the majority of the historical Spasskaya copper field, with number of significant copper, silver, zinc, molybdenum, tin and bismuth occurrences.