March 29 (Reuters) - Anax Metals Limited ANX.AX :
* SIGNED A NON-BINDING TERM SHEET WITH ANGLO AMERICAN MARKETING LIMITED, UNIT OF ANGLO AMERICAN PLC
* TERMS SHEET PROVIDES A PROPOSED PROJECT FUNDING PACKAGE OF UP TO US$20M AND OFFTAKE ARRANGEMENT FOR WHIM CREEK
* UNDER TERM SHEET, ANGLO AMERICAN WILL BUY 1% NET SMELTER RETURN FOR US$2M OVER ANX PRODUCTION OF COPPER & ZINC FROM WHIM CREEK