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Rex Minerals closes in on lease

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Yorke Peninsula explorer Rex Minerals went into a trading halt on Friday evening as it finalises a capital raising.

The company said today it had cleared almost every hurdle towards the granting of a Mining Lease for its Hillside Copper Project.

It the past week the South Australian Government has granted approval for the road realignments and upgrades to the Ardrossan Jetty and Ship Loader that form key parts of the project Development.

“The Section 49 approvals are one of several important steps that will enable Rex to fulfil its aim of developing the Hillside Copper project,” Rex’s Managing Director Mark Parry said today.

“The Government and the regulator have carried out a very detailed and rigorous assessment process inclusive of public review and comment and have required significant independent reviews to ensure that the developments meet their strict requirements and guidelines.

“The proposed upgrade to the jetty and ship loader will incorporate the highest level of environmental controls, inclusive of fully enclosed conveyors and dust and spill controls that meet regulatory and community expectations.

“We have also designed the upgrade to ensure that the ship loader remains capable and compliant with current environmental conditions associated with this multi-user port.

“Rex has laid out a process and plan that wherever possible ensures that road realignments are carried out early in the construction phase to minimise any impact or disruption to the community.

“In conjunction with the Department of Planning Transport and Infrastructure (DPTI – Roads) we have also sought to address a number of potential accident zones through improving the current alignment and configuration of key intersections.”

With the Mining Lease imminent, the project is on track for funding mid-year, construction 2015, and first copper in 2016.

Company sources said an announcement is expected on Wednesday.

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