CIO UPDATEGUL. ASX owns 37% of CIO - here is their update from their recent Activities Update
Central Iron Ore Limited (Gullewa Limited 37%)
Gold Red 5 Joint Venture The main focus has been on dealing with our joint venture agreement. The Future Proposed Drilling Programme consists of RC drilling comprising 20 holes for 1,024 metres has been designed at the Endeavour Prospect, targeting the laminated vein both down plunge and to the west. The purpose of the drilling is to extend the mineralisation which is open to the west and trace the down plunge depths of this high-grade quartz lode.
Dispute The Company views it had earned in excess of a 70% interest in the Red 5 JV Tenements, but this is disputed by Red 5.
British King (49%) The British King Mine which is 49% owned by the Company and which is National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI43-101”) compliant. The British King Mine is 5km southwest of Red 5 Limited’s Darlot Mine. The monthly rental payments to be paid by BK Gold Mines Pty Limited are still in arrears at the end of the quarter. The term of the extension ends shortly, and our main focus has been dealing with the issues.
Tyranna Resources Limited The Company holds 10,955,304 shares in Tyranna which now owns the Eureka project.
Kingwest Resources Limited The Company still holds the original 2,700,000 shares in Kingwest Resources Limited. The Company has joined in the recent rights issue.