OzAurum Resources Signs Profit Sharing Deal for Western Australia Project

MT Newswires Live09-16

OzAurum Resources (ASX:OZM) signed a deal with Line Hydrogen and BIM Metals to conduct a feasibility study for the heap leach operations of Mugabbie North project in Western Australia, according to a Monday filing with the Australian bourse.

The 12-month study, to be fully funded by Line Hydrogen and BIM Metals, will explore the viability of the project, the filing said.

If a decision to start production is achieved, Line Hydrogen and BIM Metals will fully fund mining and heap leach operations at the project with net cash minus operating costs to be split 50% to OzAurum and 50% to Line Hydrogen and BIM Metals, as per the filing.

Line Hydrogen plans to support a net-zero mining operation at Mulgabbie North by using green hydrogen in place of diesel, the filing stated.

OzAurum Resources' shares surged past 37% at market close.

Price (AUD): $0.05, Change: $+0.013, Percent Change: +37.14%

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