Acquisition of Kilfoyle Project, Northern Territory

PNX has signed a binding term sheet to acquire via farm-in, a 90% interest in three exploration licenses in the Litchfield area of the Northern Territory (Kilfoyle Project) located 130km SSW of Darwin, and less than 80km to the west of PNX’s zinc-gold-silver Hayes Creek Project.  The Kilfoyle Project is prospective for a range of commodities (zinc-lead-silver-gold-lithium-nickel-cobalt-copper) and is considered to be an excellent strategic fit with the Company’s existing NT projects.