【China Molybdenum Industry News Network】

Desert Mines and Metals  will soon provide an update on the proposed acquisition of Korean Resources and has gone into an ASX trading halt.

The company had in March 2013 signed a non-binding term sheet to acquire Korean Resources, which has contractual rights to acquire several molybdenum exploration properties in South Korea, for 55 million Desert ordinary shares and 8,500 performance shares.

These properties include the Daehwa Project, which consists of two former molybdenum-tungsten mines.

Historic production from Daehwa underground operations to 1979 were 2,022 tonnes of MoS2 in a 95% concentrate and 793 tonnes of WO3 in a 65% to 75% concentrate.

Only limited records have been found for the adjacent Donsan Mine though it is believed to have produced significant quantities of MoS2 and WO3 based on historic plans and surface artefacts including mine waste dumps.

Up to 20 of the more significant veins identified to date at Daehwa have had some degree of historical development over the life of the mine, with development records suggesting up to ten of them being the main focus of mine production.

Significant potential remains to test the down dip extensions of the main higher grade lodes.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Wednesday 22nd May 2013.

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