Pacifico Minerals Limited
Level 10, 553 Hay Street
Perth 6000

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West Rock Signs Strategic Alliance with Cliffs Natural Resources

Highlights

  • West Rock Resources has entered into a Strategic Alliance with a wholly owned subsidiary of US iron ore and coal miner Cliffs Natural Resources (Cliffs).
  • Cliffs will fund US$1.5 million in project generation and exploration activities over a 2 year initial term. The Alliance can be extended upon mutual agreement.
  • Cliffs has an option to earn up to 80% interest in projects developed as Joint Ventures by the alliance.
  • Exploration will be focused on the Asia Pacific region, particularly Central and South East Asia and Australia.

Australian exploration company West Rock Resources Pty Ltd has agreed to pursue a commodity driven target generation and exploration program for Cliffs in the Asia Pacific region.

Cliffs Natural Resources Inc. is an international mining and natural resources company. A member of the S&P 500 Index, Cliffs is largest producer of iron ore pellets in North America, a major supplier of direct-shipping lump and fines iron ore out of Australia and a significant producer of high and low volatile metallurgical coal.

West Rock has established its international exploration headquarters in Perth.

West Rock Managing Director Simon Noon said the alliance with Cliffs represents a strong endorsement of the quality of West Rock’s exploration team and exploration strategy.

West Rock is targeting potentially significant discoveries in word-class mineral provinces.

Mr Noon said the strategic alliance was a major milestone toward the company's planned IPO later this year.

"We are very pleased to announce this exciting strategic alliance with Cliffs. We look forward to working closely with them and building a long and mutually beneficial relationship," Mr Noon said.
The Alliance will see West Rock searching for and generating potential world class copper and manganese projects.

Joint Venture terms

  • Projects designated as JVs will initially be held 51% Cliffs and 49% West Rock.
  • Cliffs can then choose to increase its interest in individual JV projects by funding $4 million in exploration expenditures by the 4th anniversary of the JV agreement.
  •  Cliffs can acquire an additional 10% interest in the JV projects by completing a detailed  pre-feasibility study within four years of earning its 70% interest.