PERTH (miningweekly.com) – ASX-listed Empire Resources would undertake a staged sale agreement for its Penny’s Find gold project, in Western Australia.
The Perth-based company said in a statement on Wednesdtracked mining equipmentay that it would sell the project to unlisted Brimstone Resources for a staged cash payment totalling A$2-million.<br /cone type stone crusher machine india>
A royalty will also be payable on gold produced in excess of the current Joint Ore Reserves crushing plants in rivers side in nepalCommittee resource of 52 500 oz of gold.
Alternatively, Brimstone could only acquire 80% of the project for a stage payment of A$0,5-million, along with an exploration and development expenditure of up to A$3-million. Any additional development costs associated with Empire’s residual 20% stake would then be carried by Brimstone and would be repayable from the proceeds of future gold production.
“This deal enables us to concentrate our efforts on the Yuinmery copper/gold project in Western Australia, where a recently announced acquisition has trebled the size of our holdings in this highly prospective base-metals camp,” said Empire MD David Sargeant on Wednesday.
“We will now be devoting our efforts to testing a considerable number of high-quality electromagnetic geophysical anomalies with programmes of reverse circulation and diamond drilling,” he added.
The aim of this work, Sargeant said, was to increase the size of the copper sulphide resource in order to justify the development of a mine.