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Ardea Resources trades up on MOU with Sumitomo, Mitsubishi, Mitsui

Kitco Media
By Michael McCrae
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(Kitco News) - Ardea Resources (ASX: ARL) announced today it signed a non-binding memorandum of understanding (MoU) with a consortium of Japanese companies consisting of Sumitomo Metal Mining, Mitsubishi Corporation, and Mitsui & Co. to develop the Kalgoorlie Nickel Project - Goongarrie Hub.

The consortium is to first work with Ardea to define a scope of work for the Goongarrie Hub definitive feasibility study.

Ardrea is up 117% to 67 cents.

The consortium is to sole fund the definitive feasibility study upon agreeing on the scope. Future work is aimed at completing the definitive feasibility study including various additional technical programs identified in the current preliminary feasibility study, making a final investment decision and securing project development funding for the Goongarrie Hub.

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Michael McCrae

Michael McCrae is leading Kitco's coverage of the mining sector. McCrae, who has both an MBA and CMA, knows how to build digital media properties. He was co-founder and publisher of MINING.com, an award-winning news site. Before coming to media, McCrae worked in IT and banking. Please reach out: mmccrae@kitco.com or (514) 670-1383. You can also follow him at @michaelmccrae.

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