KORAB Resources Ltd has advised the market that they have reached an agreement with Mining Resources Development Corporation Pty Ltd to invest $500,000 into Australian Copper, KORAB's subsidiary.
Operating the Ashburton Downs project to hold 75 per cent of the subsidiary following the investment, Korab's investment signals a new shift in the agreement of mining ownership.
Execution of agreements and other documentation necessary to give effect to the above transaction has been completed and the transaction has occurred.
Ashburton Downs project is located in the Pilbara region of Western Australia, 25 km south of Paraburdoo.
The project adjoins mineral leases held by Rio Tinto, FMG, BHP Billiton and Norther Star, and covers approximately 800 km2 following recent application by Australian Copper for additional tenements E08/2756 and E08/2757.