Mozmin Resources Pty Limited (Mozmin) has signed an agreement with the owners of two highly prospective mineral sands tenements in Mozambique. The formalising of this agreement commences a capital raising program aimed at providing operating capital and the funding of a detailed early stage exploration program followed by Mozmin listing on the ASX in mid 2014.
Mozmin has the earn in right to 85% of the tenements based on the completion of a successful due diligence period, listing on the ASX and 12 months worth of target expenditure having been met.
Director Adam Schofield said he was very excited with the tenements Mozmin has acquired and expected the capital raising and the results of the exploration program to be very positive.