NEWS RELEASE Symbol: TSX-V: MMS, OTCQX: MMSDF
September 16, 2015
MACARTHUR MINERALS AND TULSHYAN GROUP TO ACQUIRE DEBT FACILITIES SECURED OVER WESTERN DESERT RESOURCES LIMITED’S ROPER BAR IRON ORE PROJECT
Macarthur Minerals Limited (TSX-V: MMS, OTCQX: MMSDF) (the “Company” or “Macarthur”) is pleased to announce that it will acquire the debt facilities of Macquarie Bank Limited (“Bank”) that are secured over the assets of Western Desert Resources Limited’s (receivers and managers appointed) (in liquidation) (“WDR”) Roper Bar Iron Ore Project (the “Project”) located in Australia through a joint venture with the Tulshyan Group.
MACARTHUR TULSHYAN JOINT VENTURE
Macarthur, through its wholly owned subsidiary Macarthur Minerals NT Pty Ltd, will enter into a joint venture agreement with the Tulshyan Group, through its associated entity, New Finley Assets Limited, to establish the Macarthur Tulshyan Joint Venture (the “JV”). The JV is expected to be a contributing joint venture such that the Tulshyan Group and Macarthur have a 51% and 49% participating interest, respectively, in the JV.
Macarthur will be appointed as exclusive manager and operator of the JV. The Tulshyan Group will be appointed exclusive operator for shipping, sales and marketing under the JV.
TULSHYAN GROUP
The Tulshyan Group (Singapore), which has been in business for 33 years, is established in three businesses; ship owning, ship recycling and diversified real estate. The Tulshyan Group operates a fleet of over 30 ships, which consists of tankers, bulkers and off-shore vessels. Tulshyan is one of the largest recyclers of ships in the world.
Tulshyan brings to the joint venture expertise in shipping, sales and marketing, which will be integral to recommencement of operations for the Project.