Metaliko shares surge on Bronzewing buy
PERTH (miningweekly.com) – The share price of ASX-listed junior Metaliko Resources spiked by 150% on Tuesday after the company announced that it would acquire the Bronzewing gold project, in Western Australia, from embattled fellow miner Navigator Resources.
The Bronzewing project ceased production in the June quarter of last year, after administrators assessed both Navigator and the project to determine the restructuring and consolidating options.
Metaliko said on Tuesday that under the share sale agreement reached with the administrators, the company would effectively acquire full ownership of the Bronzewing project by paying A$4.82-million in cash.
Metaliko would also be required to arrange the release to the administrators of A$7.08-million of bank deposits previously lodged by Navigator to cover government environmental bonds.
The release or replacement of the environmental bonds was required by the end of July.
The agreement was also subject to Metaliko being able to arrange funding to complete the purchase within the agreed time frame, with the company saying it was likely to undertake a rights issue to raise some A$6.9-million in funding to cover both the purchase cost and working capital requirements.
The agreement was also subject to Metaliko shareholder approval.
Metaliko told shareholders on Tuesday that it would proceed immediately with drilling of several prospective gold targets within the Bronzewing area, some of which were outlined nearly ten years ago.
The company was also hoping to establish gold resources of sufficient grade for economical mining at current gold prices and restart mining as soon as possible.
The acquisition would include a two-million-tonne-a-year milling/carbon in leach facility and associated infrastructure.
Metaliko shares were trading at a high of A$0.025 a share on Tuesday, up from an opening price of A$0.016 a share and the previous closing price of A$0.010 a share.
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