Bushveld Signs Agreement to Acquire Brits Vanadium Project in South Africa

Bushveld Minerals (LSE:BMN) announced that it has signed a definitive legal agreement for the acquisition of Brits vanadium project in South Africa. The agreements were signed by Bushveld’s wholly owned subsidiary Lemur Resources to acquire the project from Sable Metals and Minerals (JSE:SMM).
As quoted in the market news:

The agreement is pursuant to the binding term sheet signed with Sable and announced on 14 August 2015.

Highlights:

• Comprehensive legal agreement signed for acquisition of Brits Vanadium Project for US$600,000.
• Acquired project adjacent to Vametco Alloys (primary vanadium mining and processing operation) and several other potential processing facilities; well serviced with logistics infrastructure linking project area to these processing plants.
• Acquisition complements Bushveld’s strategy to:
• consolidate quality vanadium resources on the Bushveld Complex; and
• develop brownfield processing opportunities for its vanadium platform.
• Project area known, from historical exploration undertaken, to have excellent vanadium mineralisation.

Fortune Mojapelo, CEO of Bushveld Minerals, commented:

We are pleased to announce the acquisition of the Brits Vanadium Project. While it is not new to the market, having been announced in August 2015 following the signing of the term sheet with Sable, the acquisition further reinforces our solid vanadium resource platform on the western limb of the Bushveld Complex.
The Brits Project is in a geographic location that is well serviced with logistics infrastructure, in close proximity to several existing vanadium processing facilities. This addresses two important aspects of our vanadium platform strategy: Consolidating quality vanadium resources and, more importantly, developing brownfield vanadium processing infrastructure. With high vanadium grades reflected by previously unpublished historical geological data, as well as more recent exploration data undertaken by Sable, we are confident that this acquisition will play a significant role in our development of the Bushveld Vanadium story.

Click here to read the full Bushveld Minerals (LSE:BMN) press release.