Frontier Resources Ltd. (ASX:FNT) agreed to Spin Off its Tasmanian Projects on April 30, 2012. It is planned to distribute approximately 30 million shares in Torque Mining Ltd. i.e. approximately 1 Torque share for every 10 Frontier shares held. Frontier would also retain 10 million Torque Mining Ltd shares.

The in-specie shares will be distributed to Frontier shareholders around June 2012 and funds will be raised by way of an IPO in August/September, depending on market conditions. Torque Mining Ltd will be name of spun out entity. R.D (Bob) McNeil has been appointed Chief Executive Officer of Torque Mining Ltd. Frontier's ChairmanManaging Director, Peter McNeil will become the Non-executive Chairman of Torque Mining Ltd and Frontier Director Graham Fish will resign from its Board to join the Torque Board.

The transaction is subject to subject to shareholder and regulatory approval. Frontier Resources Ltd. (ASX:FNT) completed the spin-off of Tasmanian Projects on January 9, 2013. The transaction was approved by the shareholders of Frontier Resources on December 21, 2012.

Each Frontier Shareholder will receive one Torque share for every 10.134889 Frontier Shares.