GLOBAL OIL SHALE AND INTERMIN RESOURCES AGREE ON TRANSFER OF LICENSES IN JULIA CREEK (QUEENSLAND) OIL SHALE PROJECT
Global Oil Shale Group Plc (“GOS”) announces successful conclusion to negotiations with Intermin Resources Ltd (“Intermin”) on defining respective interests in tenements held by Intermin in the Julia Creek area of Queensland, Australia.
GOS is a global energy company exclusively focused on oil shale, large scale mining and processing of the world’s kerogen rich oil shale deposits to oil – with potential for add on electricity production and associated minerals extraction.
Intermin engages in the exploration and mining of gold and other mineral resources in Australia. It also explores for vanadium/molybdenum, nickel, and copper ores. It primarily holds interests in the Binduli Gold, Menzies Gold, Nanadie Well, and Calcine Tailings projects located in Western Australia, as well as 100% interests in 20 exploration licenses covering 4055 square kilometres of mineralization near Julia Creek and Richmond in North West Queensland. The company is based in Nedlands, Australia.
Key Points of Agreement
1. The agreement provides GOS with 100% ownership of the Julia Creek block of tenements subject to a right by Intermin to recover metal values from oil shale mineralisation outlined and from any tailings or residues produced by GOS as a result of oil or hydrocarbon production from the Julia Creek tenements.
2. Intermin Resources Ltd will retain rights for recovering all minerals including Vanadium, Molybdenum and Nickel in the Julia Creek tenements.
“We are very pleased to have completed this agreement with Intermin and look forward to a fruitful co-operation on the Julia Creek tenements. We appreciate Intermin’s in depth knowledge in respect of metals recovery and are jointly working on integrating vanadium recovery into our planned oil shale production process in Julia Creek”, says Petri Karjalainen, Executive Chairman of Global Oil Shale Group.
“Intermin is pleased with the outcome of the negotiations and to work with the GOS group to potentially develop an oil shale processing industry at Julia Creek recovering both hydrocarbons and metals values and thereby achieving a profitable outcome.
In respect of oil resources, GOS has reported oil in shale resource of 2.18 Billion barrels within the Julia Creek tenement package”, says Michael Ruane, Managing Director, Intermin Resources Ltd
For more information contact:
Petri Karjalainen – Executive Chairman
Tel: + 44 7811 200 885 e-Mail: email@example.com
Anton Eiguine – Investor Relations
Tel: + 44 1534 88 6644 e-Mail: firstname.lastname@example.org