Evolution signs up for Andromeda project
PERTH (miningweekly.com) – Gold miner Evolution Mining has struck an earn-in agreement with fellow-listed Andromeda Metals over its Drummond gold exploration project, in Queensland.
Under the terms of the agreement, Evolution would earn an initial 51% interest in the project by making a cash payment of A$300 000 to Andromeda and spending A$2-million on exploration over a two-year period.
Evolution could earn an additional 29% interest in the project by making a further A$200 000 cash payment, and by spending an additional A$4-million on exploration in the subsequent two years.
On completion of Evolution’s funding commitments, either party could elect not to contribute to a proposed joint venture (JV) programme and budget, in which case their interest in the JV would be reduced in accordance with a standard industry dilution formula.
If either party diluted to less than a 10% interest in the JV, that party’s interest will be converted into a 2% net smelter return royalty, capped at a maximum of A$10-million.
Evolution VP for discovery Glen Masterman said that the Drummond project was an exciting opportunity to leverage the company’s expertise in epithermal gold deposits on a technically compelling project close to the Mount Carlton operation.
The Drummond project covers some 520 km2 and is 50 km south-west of Evolution’s Mount Carlton operation.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa
VISIT SHOWROOM
From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
