Altona Mining announced on 2 July 2012 that it received notice from Mount Isa Mines that Xstrata Copper intended to exercise the option it holds to acquire a 51 per cent interest in a portion of the Roseby Copper Project.

Under the terms of a heads of agreement between Altona and Xstrata Copper, Xstrata Copper has the right to acquire the sale interest at an agreed or fair market price determined by an independent valuer.

Altona advises that the parties have received a determination from the independent valuer. Xstrata Copper has the right to acquire the sale interest on or before 17 January 2013. Altona will advise the market of the outcome accordingly.

The project will result in considerable infrastructure being developed in the region, which has the potential to significantly benefit the Roseby Copper Project.