Hannans reaches Jigalong agreement

Hannans Reward has announced a landmark agreement with the Indigenous Jigalong Community in Western Australia.

Minerals explorer Hannans Reward yesterday announced a landmark agreement with the Indigenous Jigalong Community regarding the prospective Jigalong Project in Western Australia.

Under the terms of this latest agreement, Hannans has been confirmed as having 100% legal and beneficial interest in the Jigalong Project, the company said.

The project is located 110 km east of Newman in the East Pilbara region.

According to Hannans’ managing director Damian Hicks, the relationship between the two parties dates back to mid-2003.

“The shareholders exposure to the Jigalong Project is a direct result of a personal invitation extended to us by a former CEO of the Jigalong Community, Cedric Wyatt,” he said in a statement.

“Since then we have been working together to unlock the value of the Jigalong Project for the benefit of both the Community and Hannans shareholders.

“I am very pleased that the Jigalong Community is now a shareholder of Hannans and will benefit from future exploration success.”

The partnership was originally detailed in a memorandum of understanding in 2003 as a standard exploration joint venture

The company has issued Jigalong Community with two million listed fully paid shares and two million 20 cent options exercisable within 24 months.

This now makes Jigalong Community a major shareholder, the company said.

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