These two EPAs (EPA 3/09-0 and EPA 4/09-0) are located immediately north of Rodinia’s current exploration acreage in Western Australia
Rodinia has priority on this new acreage and the right to convert these EPAs into exploration permits (EPs) provided it negotiates an agreement with the local indigenous people in accordance with the Native Title Act 1993. Once converted to EPs, Rodinia will have the sole right to explore in these areas. Rodinia plans to commence the negotiations with the indigenous people in the latter part of 2010.
Rodinia has an area of mutual interest agreement with its joint venture partner which grants their partner the right to participate for a 20% working interest in a 10km buffer zone surrounding the joint venture’s current acreage.
As these new permits touch the northern border of existing lands, Rodinia’s joint venture partner can elect to participate for a 20% working interest in the southern 2,000sqkm (494,210 acres or 8.7% gross) of these new permits.
Paul Bennett, president and CEO of Rodinia, said: “These new lands complete our land holdings over the prospective portion of the Western region of the basin.
“The Exploration Permit Applications are located in a tectonically undisturbed region of the basin and add to Rodinia’s 17.3 million acres of immense un-risked and undiscovered resource potential in the South and Western Australian region.”
