Phillips River Mining Limited (ASX:PRH) entered into an agreement to acquire 4 tenements of 3.1 square kilometres within the Ravensthorpe region from Galaxy Resources (ASX:GXY) for AUD 0.25 million on January 27, 2012. Phillips River Mining Limited will pay AUD 0.25 million in cash or the equivalent amount in shares of Phillips River Mining Limited at the election of Galaxy Resources. The deal is subject to the signing of deeds with the relevant native title claimants reflecting the change in ownership, obtaining ministerial consent under the Mining Ac t 1978 and Galaxy Resources becoming the registered holder of the Mosaic tenement. If this condition is not satisfied, then Phillips River has the right to exclude this tenement from the agreement and reduce the consideration to AUD 0.23 million or equivalent in Philips River shares. If all conditions are not satisfied or waived within 6 months then either party may terminate the agreement.

Phillips River Mining Limited (ASX:PRH) cancelled the acquisition of 4 tenements of 3.1 square kilometres within the Ravensthorpe region from Galaxy Resources (ASX:GXY) on January 27, 2013.