Perth, Western Australia – Magma Metals Limited (ASX & TSX: “MMW”) (“Magma” or
the “Company”)
is pleased to advise that it intends to spin-out its West Australian gold
projects in a new gold focused exploration company, to be named Greenstone Metals
Limited (“Greenstone”), subject to completion of commercial and legal agreements and
relevant approvals.
The decision by Magma to transfer its Lake Grace, Griffins Find, Laura River, Roe and Mt
Jewell projects to Greenstone will allow the Company to focus all its resources on
progressing the Thunder Bay North platinum-palladium-copper-nickel project in Ontario
towards development.
Key points on the proposed IPO include:
The Greenstone IPO will be launched in the first half of 2012, subject to market
conditions;
Capital raised in the IPO will fund the advancement of these prospective West
Australian gold projects;
Greenstone will seek admission to the ASX;
Magma will retain a significant equity ownership in Greenstone and its shareholders
will therefore be exposed to Greenstone’s exploration success; and,
Eligible Magma shareholders will be offered a priority entitlement in the IPO.
Please direct enquiries or requests for further information to:
Keith Watkins Greg Taylor
Managing Director & CEO Investor Relations
Magma Metals Limited Magma Metals Limited
Tel: +61 (0)8 9287 7300 (Perth) Tel: +1-905-337-7673 (Toronto)
Mob: +1-416-605-5120
E:
[email protected] E:
[email protected]