Jul. 12, 2010 (Canada NewsWire Group) -- Tasman Metals Ltd. ("Tasman" or the "Company") TSXV - TSM;
Beowulf Mining plc is a
The Sale and Royalty Agreement signed with Beowulf transfers 100% ownership of the Nakerivaara nr 1, Parkijaure nr 1 and Parkijaure nr 2 claims that total 1203 ha to Beowulf. Further information regarding these claims can be found within a NI43-101 report titled "Technical Report for Seven Mineral Exploration Claims in Northern
In consideration for the sale, Tasman Metals Ltd shall receive an allotment of 691,921 ordinary shares in Beowulf (current value approximately CA$40,000). Tasman has agreed not to trade such shares for a period of twelve months following their date of issue. In addition, Tasman will retain a 1.5% Net Smelter Royalty on any future production in the three permit areas. From the date of this Agreement, Beowulf will be responsible for all expenditure on the three claims, including any required statutory payments. Completion of the acquisition is conditional on the receipt of approval for the transfer of the permits from Tasman to Beowulf from Swedish authorities.
"Tasman's exploration focus is on its European REE assets, in particular the Company's Norra Karr project in south central
Tasman holds 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.