Vertrex to buy processing plant for Reward gold mine
ASX-listed Vertex has secured a Gekko gold gravity processing plant for A$620 000 to be used for future onsite processing of gold ore at its Hill End gold project.
The Gekko plant, which is a modular design and can be easily transported, is ideally suited to the free milling, high-grade Reward ore.
The company says that the acquisition will reduce the project capital expenditure by about A$4-million. It will also reduce the time required to develop the project, bringing forward gold production by up to five months.
Vertrex is updating the Reward mine prefeasibility study to incorporate the lower capital expenditure of the Gekko plant.
To fund the initial acquisition cost of the plant, the company has agreed a share and option placement to raise up to A$0.8-million before costs, by placing 10-million new shares at A$0.08 a share.
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