Jun. 3, 2010 (Canada NewsWire Group) -- Tasman Metals Ltd. ("Tasman" or the "Company") TSXV - TSM;
Scandinavian Resources Ltd is an Australian Stock Exchange (ASX) listed, well financed, Scandinavian focused mineral exploration company, specializing in iron ore. Tasman's exploration claims that are subject of this Joint Venture lie adjacent to or are surrounded by Scandinavian Resources Ltd's claims, and together form a natural fit for ongoing exploration. Scandinavian Resources Ltd's strategy in the Kiruna district is to aggregate sufficient iron projects to assess mining opportunities utilizing existing, and/or building new, rail and port facilities.
The Joint Venture Agreement signed with Scandinavian Resources Ltd covers the Sautusvaara nr 1, Vieto nr 1, Harrejaure nr 1, Laukujarvi nr 3 claims that total 7078 ha. The Claims lie within the Kiruna iron ore district, home to the world class Kiruna and Malmberget iron ore mines (owned by Swedish state company LKAB) having produced in excess of 1.5 billion tonnes at over 60% Fe. The portfolio includes projects with NI 43-101 compliant indicated and inferred resources, and high grade Fe - low P prospects with potential to provide direct shipping ore. Further information can be found within a NI43-101 report titled "Technical Report for Seven Mineral Exploration Claims in Northern
Terms of the Joint Venture are as follows:
<< 1. Scandinavian Resources Ltd will issue Tasman with 588,236 fully paid ordinary shares and pay to Tasman the sum of AU$33,333; 2. Within 10 business days of renewal of claim Sautusvaara nr 1, Scandinavian Resources Ltd will issue Tasman with fully paid ordinary shares to the value of AU$50,000, pay to Tasman the sum of AU$16,667 and reimburse Tasman for the Mining Inspectorate renewal fees for Sautusvaara nr 1; 3. Scandinavian Resources Ltd must spend a minimum of AU$175,000, within 12 months prior to being entitled to withdraw. Should Scandinavian Resources Ltd withdraw after meeting the minimum expenditure, they shall have no further interest in the Claims; 4. Tasman grants to Scandinavian Resources Ltd the exclusive right to earn a 51% interest in the Claims by spending $750,000 AUD on exploration prior to 30 June 2013; 5. Scandinavian Resources Ltd may earn a further 24% interest in the Claims by spending a further $500,000 on exploration prior to 30 June 2014; 6. Scandinavian Resources Ltd may earn a further 15% interest in the Claims by sole funding a feasibility study on at least one Claim prior to 30 June 2018, including a minimum spend of $100,000 per annum; >>
"Tasman's corporate focus is firmly on the exploration and development of its European REE assets, in particular the Company's Norra Karr project in south central
Tasman hold numerous claims and claim applications across mining friendly regions in Scandinavia with potential for REE's, and is well placed as the European Union is actively supporting policies to promote the domestic supply of REE's to secure high-tech industry.
<< On behalf of the Board, "Mark Saxon" ----------------------- Mark Saxon, President & CEO >>
The qualified person for the Company's exploration projects,
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the
Forward Looking Statements. This Company news release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.