Aeris Resources has clarified its position on an ASX announcement made by its joint venture partner Argonaut Resources on September 2 in relation to the Torrens Project, which is 70% owned by Aeris. The announcement noted an appeal by three native title claimants to the Federal Court decision to dismiss their applications over Lake Torrens, including the JV area. Aeris is yet to review the notices of appeal or consider the appropriate action for the JV to take and as such is unable to endorse the statements made by Argonaut at this stage to be the position of the JV.
Aeris Resources Limited (Aeris) notes the ASX announcement made by its 30% joint venture partner Argonaut Resources NL (Argonaut) (ASX: ARE) on 2 September 2016 in relation to the Torrens Project (70% owned by Aeris).
As announced to the market on 12 August 2016, the Federal Court decided to dismiss certain native title applications made by three parties over Lake Torrens, the area on which the Torrens Project joint venture exists.
As announced by Argonaut on 2 September, it is noted that the three native title claimants have lodged appeals in respect of the Federal Courts’ decision.
Aeris is yet to review the notices of appeal or consider the appropriate action that the joint venture ought to take in response.
Until Aeris is able to undertake this review, it is unable to endorse the statements made by Argonaut in its capacity as a party to the proceedings, to the extent that they may be seen to represent the position of the joint venture.
The Torrens Project is a joint venture between Aeris (70%) and Argonaut (30%), exploring for iron-oxide, copper-gold systems in the highly prospective Stuart Shelf region of South Australia.