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It is reported that Pacifico Minerals has executed a deed of settlement and release in relation to the Borroloola West Project in the Northern Territory with Cliffs Natural Resources.

Under the agreement, Cliffs has relinquished and transferred its interest in the project to Pacifico.

The company is now earning up to 51% in the project from Sandfire Resources.

As at this announcement, the company is on target to meet its remaining expenditure commitment of about USD 550,000 required by June 20th 2015.

Borroloola West covers 2,506 square kilometres in East Arnhem Land.

It is underlain by the Neoproterozoic McArthur Basin, the northern extension of the Mt Isa Basin and host to several world-class SEDEX deposits including the Western Fold Belt copper deposits at Mt Isa and the HYC zinc/lead/silver deposits currently being mined at the McArthur River mine just 15 kilometres east of the project tenements.

• [Editor:Sophie]