Terramin Australia Limited (ASX: TZN) (Terramin) is pleased to advise that drilling has commenced at Wild Horse, which is located 15 kilometres east of Murray Bridge in South Australia.

The initial one-hole programme will target the distinct Wild Horse aerial magnetic anomaly located on the western edge of a magnetic granite pluton. The Wild Horse anomaly exhibits the classic Western Pacific porphyry deposit style of ringed magnetic zonation, a magnetic core surrounded by a demagnetised peripheral zone. The magnetic body is approximately 1,300 metres by 2,000 metres and has been modelled from a depth of approximately 100 metres to 1,400 metres

The drilling programme is funded by Newmont Australia in accordance with the Wild Horse Earn-in Agreement.

The key terms of the Earn-in Agreement are: Newmont Australia may earn a 51% interest in the project if it spends $3 million on exploration activities over four years; Newmont Australia may elect to earn an additional 24% interest in the project (total 75%) by spending a further $20 million over six years, after which the parties can proportionally contribute or dilute and If Terramin's interest dilutes to below 10%, this converts to a 1% NSR royalty.

Contact:

Tel: 414 882 505

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