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Gulf ditches WA gold project, to focus on other assets

Gulf ditches WA gold project, to focus on other assets

Photo by Bloomberg

10th March 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Perth-based Gulf Mines on Monday announced its intention to divest of its Leonora gold project, in Western Australia, after it was determined that the project could not be developed as a standalone operation.

The Leonora project consists of the Mt Stewart and the Braemore tenements.

Gulf Mines said on Monday that the Braemore tenement joint venture has been terminated, with the company’s 70% holding in the tenement being returned to the original vendor.

A buyer was being sought for the Mt Stewart tenements. The Mt Stewart tenement covers some 11 km2 and is located 30 km to the east of Leonora.

Gulf told shareholders that its decision to divest of the Leonora project would allow the company to fully focus on developing its manganese and copper assets, which had the potential to deliver significant benefits.

Gulf owns a stake in Asia Minerals Corporation, which is developing a high-grade manganese project in West Timor, Indonesia. Gulf also has an interest in copper projects in the Northern Territory, which are being explored by two operators under separate agreements.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

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