TNG Receives Approval for Mount Peak Vanadium Mine

Australian strategic metals company TNG Limited (ASX:TNG), through its wholly-owned project-level subsidiary, Enigma Mining Limited, has received approval for a landmark native title mining agreement covering its flagship 100-percent owned Mount Peake vanadium-titanium-iron project in the Northern Territory of Australia.

The approval came after a successful on-site meeting with the native title holding group and the Central Land Council (CLC).

As quoted from the press release:

TNG’s managing director Paul Burton and senior company executives met with native title holders and the CLC on country of the native title holders related to the Mount Peake site, approximately 230km north of Alice Springs, on 26 July 2018.

The TNG team presented the proposed Mount Peake mining plan and the key terms of the native title mining agreement, which has been negotiated over the past year.

The company is pleased to report that it subsequently received acknowledgement that the native title holders are in support of TNG’s proposed mining project at Mount Peake and that the native title mining agreement will now be executed by all parties once final procedural details have been completed.

Once signed, the native title mining agreement with the Eynewantheyne Aboriginal Corporation (the representative native title body corporate for the native title holders of the land) and the CLC will mark the achievement of a critical milestone which will enable the Northern Territory Government to proceed with the grant of the Mount Peake Mineral Lease and related Ancillary Mineral Leases, paving the way for the project to proceed subject to financing and development.

Commenting on the resolution by the Eynewantheyne Aboriginal Corporation to enter into the native title mining agreement for the Mount Peake Project, TNG’s managing director, Mr Paul Burton, said:

“This is a major step forward for the company and our shareholders which will lead to security of tenure and approval for the development of our proposed mining operation at Mount Peake. We have been able to forge a very constructive and strong relationship with the native title holders and I would like to express my sincere thanks to them and the CLC for their positive approach to finalizing this native title mining agreement, as well as to all the members of the TNG team involved in the negotiations.”

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