Aphrodite weighs its options at Scotia
PERTH (miningweekly.com) – Gold junior Aphrodite Gold has told shareholders that it was considering its options over the Scotia gold and nickel project, in Western Australia, after joint venture (JV) partner Breakaway Resources reached an agreement with fellow-listed Minotaur Exploration, to sell its interest in the project.
During May, Breakaway and Minotaur struck a sales and purchase agreement selling the 14 tenements for A$600 000 in cash.
Under the terms of the agreement, Minotaur would acquire all the rights, other than gold, as well as the rights to no less than 20% of the gold deposits discovered on the tenements, for A$600 000 in cash.
However, the Scotia tenements were currently under a JV agreement with Aphrodite, which had a pre-emptive right to acquire Breakaway’s interest for the same offered price, giving Aphrodite 100% interest in the tenements.
The 160 km2 package lies within a significant regional structure that hosts a number of gold deposits, including Aphrodite’s own one-million-ounce deposit and the five-million-ounce Paddington deposit.
Aphrodite said that, to date, the company has earned a 51% interest in the gold rights, and had the option to earn up to 80% by further expenditure.
Aphrodite had until July 1 to exercise its pre-emptive right, or risk losing Breakaway’s interest to Minotaur.
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