Emergent JV

In May 2008, De Grey Mining entered into a farm-out agreement with Emergent Resources Limited under which Emergent may earn an interest in iron, vanadium and manganese resources on a portion of the Beyondie Project.

De Grey had known for some time that the southern part of the Beyondie Project area covers Archaean banded iron formations (BIFs) in the Marymia Inlier but the Company considered that sole funding of exploration on these targets was not appropriate.

The agreement allows De Grey to retain a 20% free carried interest to a decision to mine and Emergent has commenced an active exploration program with a detailed aeromagnetic survey completed in October 2008.

Beyondie Iron Joint Venture location over Aeromagnetics