FerrAus Gains Ownership of Silver Swan Project

2 July 2009 (Last Updated July 2nd, 2009 18:30)

FerrAus has gained full ownership of the Silver Swan North nickel and gold project in Western Australia after partner firms BHP Billiton subsidiary Nickel West and Mithril Resources pulled out of the joint venture. The Silver Swan North project, located near the Kanowna Belle gold mine,

FerrAus has gained full ownership of the Silver Swan North nickel and gold project in Western Australia after partner firms BHP Billiton subsidiary Nickel West and Mithril Resources pulled out of the joint venture.

The Silver Swan North project, located near the Kanowna Belle gold mine, will be the focus of a more intense assessment by FerrAus, including a review of previous high-grade gold intersections, the company said.

Mithril Resources will transfer its interest to FerrAus in return for a 1.5% net smelter return royalty on all minerals produced from the licences.

FerrAus also has an option to acquire the royalty anytime in the next three years for A$225,000.