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:: Titan Resources Ltd Subsidiary Bioheap Ltd Signs Agreement with Fox Resources Ltd
Titanís 62.3% owned subsidiary, BioHeap Ltd, has entered into a technology agreement with Fox Resources Ltd. The agreement provides for the application of BioHeapís proprietary BioHeaptm technology to Foxís Radio Hill and Scholl nickel - copper projects in the Pilbara region of Western Australia. The Agreement involves a licence fee payable in three separate tranches and a royalty payable to BioHeap Ltd on production from the projects.
Dr Colin Hunter, BioHeapís Technical Director said: "BioHeapís bacteria and its proprietary leaching technology are far more efficient than the cultures that naturally occur in the region. Our Company has been developing the process for five years. This project, coupled with recent announcements on our joint venture in China, will enable BioHeap to showcase the technologyís capability."
Titanís Managing Director, Jeff Gresham, said: "The signing of the agreement with Fox Resources Ltd, the second such licensing agreement for BioHeap Ltd, is another substantial step in the commercialisation of the technology and further confirmation of the strategy pursued by Titan in establishing a separate management team and Board to develop this exciting business."
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