Reward Minerals (ASX: RWD) has been reinstated to official quotation and will commence trade on the bell this morning, after releasing an update on the very interesting but often difficult Lake Disappointment Potash project.
Reward has updated the market that the Annual General Meeting of Western Desert Lands Aboriginal Corporation (WDLAC), the representative PBC for the Martu people, was held at Parngurr last week - and importantly - the agenda included Reward’s Lake Disappointment Potash project.
Michael Ruane, a director of Reward, presented a detailed outline of the project and Reward’s proposals to the Martu people addressing heritage, cultural and commercial considerations proposed by Reward for the development of potash recovery operations at Lake Disappointment.
The outcome is two resolutions were passed, which included:
1) That the Martu people instruct WDLAC to continue talks with Reward Minerals about the Lake Disappointment Project; and
2) That the Martu elders meet in the near future to specifically discuss the Lake Disappointment Project.
WDLAC will now coordinate the necessary meetings to give effect to meetings resolutions, and has undertaken to organise the meeting of the Martu elders as a matter of priority.
Reward has undertaken to submit a draft Mining Agreement to WDLAC incorporating the terms and conditions proposed by Reward for the Lake Disappointment Project for WDLAC’s consideration.
Backstory - Lake Disappointment
In 2007, Reward Minerals announced a JORC Indicated Resource of 24.4 million tonnes of Potassium Sulfate (Sulfate of Potash – SOP) within Lake Disappointment in the north west of Western Australia.
Lake Disappointment lies wholly within the Martu Lands Determination Area.
Although the company executed a term sheet agreement with the Martu, Traditional Owner representative body WDLAC in March 2008, the execution of a Mining Agreement was not achieved at that time and the Lake Disappointment Potash project has remained dormant since then.