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Prosperity Resources Terminates MoU

Prosperity Resources (ASX: PSP) has elected not to proceed with the Memorandum of Understanding relating to the development of its Aceh Project in Indonesia.

As a result, the MoU announced on 20 June 2012 has been terminated by mutual agreement and without penalty.

The agreement was with local partner, Atjeh Investment Consultancy, to spin out the Aceh open pit operations, including beneficiation and exports, to list on a regional stock exchange.

Prosperity is now currently negotiating an alternate structure to achieve the stated objectives, and will notify the market in due course.

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