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Emergent Resources cancels Beyondie joint venture with CMIC

Published: 09:14 16 Sep 2010 BST

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Emergent Resources Limited (ASX:EMG) has elected not to proceed with the the proposed joint venture at the Beyondie Iron Project with Beijing China Metallurgical Investment Co Limited (CMIC) as funds were not received.  

Under the terms of Emergent's proposed $200 million joint venture with CMIC, Emergent was to receive $5,004,073.10 from a placement of shares and options to CMIC.

The funds were expected yesterday, Wednesday 15 September, with Emergent announcing that it has not received confirmation from CMIC regarding the transfer of the funds.

The company stated that (since) the proposed date for the payment of these placement funds has not been met, Emergent has decided it will not proceed with the proposed joint venture with CMIC for the Beyondie Iron Project.

Garry Hemming, managing director of Emergent, said: “Given the world class potential of Beyondie, we are confident in the Company’s ability to attract other key strategic partners to help deliver the maximum economic value."

"We will now move ahead with our next phase of exploration at the project to expand the magnetite Resource base and confirm a maiden DSO hematite resource.”

Emergent has commenced the RC drill program for the Direct Shipping Ore (DSO) hematite iron deposit at Beyondie.

Subject to successful results the Company plans to expand the drill program with a second phase campaign at the hematite deposit, entailing an additional 10,000 metres, at a nominal 400 metre spacing, along an extended total strike length of over 12 kilometres, which will significantly progress steps to defining a DSO mineral resource.

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