Fortbridge Media ReleaseKorab Resources Ltd [KOR] - RESCAP AND TENNANT BACK KORAB DEVELOPING THE WINCHESTER MAGNESITE PROJECTSydney, NSW, February 20, 2015
Rescap Investments P/L (�Rescap�), a resources focussed investment and off-take company has entered into an off-take arrangement for 25% of the mined production with AusMag P/L (�AusMag�), the wholly owned subsidiary of Korab Resources Ltd (ASX:KOR), and the owner of the Winchester magnesite project located 70km south of Darwin in the Northern Territory.
The deal was introduced to Rescap by Justin Boylson the WA general manager of Tennant Metals P/L (�Tennant�), one of Australia�s oldest and most established physical metal trading companies. Through this deal, Tennant will be allocated responsibility for the management of the trading, as well as the provision of certain technical and logistic services to AusMag.
Mr. Dennis Karp, Managing Director of Rescap commented: �This transaction is quite unique in the Australian resources landscape as it marks the coming together of an off-take focused investor working with a traditional trader and emerging producer. We are excited to be working with AusMag, Korab and Tennant on this project, as we collectively endeavour to bring this asset into production within the coming 12 months.�
Mr. Justin Boylson, WA general manager of Tennant commented: �We see this as a great opportunity to use Tennant�s expertise and know-how accumulated over close to 50 years of operations, to add value to this project for the benefit of all parties.�
Mr. Andrej Karpinski, Executive Chairman of Korab commented: �We are delighted to be working with Rescap and Tennant on this project and we see this as a major step forward for AusMag and Korab.�
Contact:
Denis Karp, Managing Director of Rescap Investments on tel +61 2 82200488