Crosslands Resources owns the Jack Hills iron ore deposit, which is located in Western Australia.
Mitsubishi Development and Murchison hold 50% share each in Crosslands Resources and each has an effective 50% economic interest in OPR project.
On completion of the transaction, Mitsubishi Development will support in development of Jack Hills and OPR project, including finalisation of feasibility studies and obtaining necessary approvals for the projects.
The transaction is expected to be completed by 31 March 2012 and will require approval from Murchison Metal’s shareholders.
