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Sale of Connors Arc Project, Queensland to Evolution Mining
Orion Minerals Limited
Incorporated in the Commonwealth of Australia
Australian Company Number 098 939 274
ASX share code: ORN
JSE share code: ORN
ISIN: AU000000ORN1
(“Orion” or “the Company”)
SALE OF CONNORS ARC PROJECT, QUEENSLAND TO EVOLUTION MINING
- Binding agreement signed for the sale of Orion’s non-core Connors Arc Project to Evolution Mining
Limited.
- Funds received from the sale will enable Orion to progress Bankable Feasibility Study work on the
Prieska Zinc-Copper Project and exploration on the Jacomynspan Nickel-Copper-Cobalt Project in
South Africa.
Orion Minerals Ltd (ASX/JSE: ORN) (Orion or the Company) is pleased to advise that it has entered into a
binding sale agreement (Agreement) with Evolution Mining Limited (Evolution), for Evolution to acquire 100%
of Orion’s Connors Arc Project (Tenements) in Queensland. Consideration for the sale of the Tenements
consists of $2,500,000 cash and a 2% royalty on net smelter returns (NSR) from the sale of gold recovered
and sold by Evolution from the Tenements to a value of $5,000,000.
Key terms of the Agreement are:
- an initial $1,500,000 cash payment, payable upon conditions typical for agreements of this nature being:
o Orion obtaining indicative approval from the Queensland Government Department of Natural
Resources, Mines and Energy (Department), for the transfer of the Tenements to Evolution; and
o the assignment to Evolution of the Tenements’ native title agreements.
- a further $500,000 cash payment, payable to Orion upon approval by the Department for retention of
the total area of three of the Tenements included in the Agreement until the renewal of the existing term
of those Tenements;
- a further $500,000 cash payment, payable to Orion upon approval by the Department for renewal of two
Tenements included in the Agreement and for retention of the total area of those Tenements for a period
12 months from the date of such renewal; and
- a 2% royalty on NSR from the sale of gold recovered and sold by Evolution from the Tenements to a
value of $5,000,000.
If the acquisition of the Tenements has not been completed prior to 31 October 2018, either party may
terminate the Agreement.
The sale of the non-core Tenements is consistent with Orion’s decision to place greater focus on its flagship
project, the Prieska Zinc-Copper Project in the Areachap Terrain, Northern Cape, South Africa and its highly
prospective regional exploration projects within the Areachap Belt, including the advanced Jacomynspan
Nickel-Copper-Cobalt Project.
Errol Smart
Managing Director and CEO
2 May 2018
ENQUIRIES
Investors JSE Sponsor
Errol Smart – Managing Director & CEO Rick Irving
Denis Waddell – Chairman Merchantec Capital
T: +61 (0) 3 8080 7170 T: +27 (0) 11 325 6363
E: info@orionminerals.com.au E: rick@merchantec.co.za
Media
Michael Vaughan Barnaby Hayward
Fivemark Partners, Australia Tavistock, UK
T: +61 (0) 422 602 720 T: +44 (0) 207 920 3150
E: michael.vaughan@fivemark.com.au E: orion@tavistock.co.uk
Suite 617, 530 Little Collins Street
Melbourne, VIC, 3000
Disclaimer
This release may include forward-looking statements. Such forward-looking statements may include, among
other things, statements regarding targets, estimates and assumptions in respect of metal production and
prices, operating costs and results, capital expenditures, mineral reserves and mineral resources and
anticipated grades and recovery rates, and are or may be based on assumptions and estimates related to
future technical, economic, market, political, social and other conditions. These forward-looking statements
are based on management’s expectations and beliefs concerning future events. Forward-looking statements
inherently involve subjective judgement and analysis and are necessarily subject to risks, uncertainties and
other factors, many of which are outside the control of Orion. Actual results and developments may vary
materially from those expressed in this release. Given these uncertainties, readers are cautioned not to place
undue reliance on such forward-looking statements. Orion makes no undertaking to subsequently update or
revise the forward-looking statements made in this release to reflect events or circumstances after the date of
this release. All information in respect of Exploration Results and other technical information should be read in
conjunction with Competent Person Statements in this release (where applicable). To the maximum extent
permitted by law, Orion and any of its related bodies corporate and affiliates and their officers, employees,
agents, associates and advisers:
- disclaim any obligations or undertaking to release any updates or revisions to the information to reflect
any change in expectations or assumptions;
- do not make any representation or warranty, express or implied, as to the accuracy, reliability or
completeness of the information in this release, or likelihood of fulfilment of any forward-looking statement
or any event or results expressed or implied in any forward-looking statement; and
- disclaim all responsibility and liability for these forward-looking statements (including, without limitation,
liability for negligence).
Date: 02/05/2018 08:35:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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