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Millennium takes full ownership of Nullagine tenements

8th September 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Gold miner Millennium Minerals has inked an agreement with its joint venture (JV) partner RSI to acquire its interest in 16 tenements within the Nullagine gold project, in the Pilbara.

In exchange, RSI would be paid a gross royalty of 6.44c on the first 20 000 oz of gold produced from the tenements, as well as a gross royalty of 1.5% on all minerals produced thereafter.

Millennium told shareholders that the acquisition simplified the ownership structure of the 16 tenements and brought them in line with Millennium’s 100% ownership of the other tenements in the Nullagine project.

Further, the acquisition would be earnings accretive to Millennium and would remove the administrative overhead associated with managing the JV.

Mining would soon start at three deposits within the tenement areas, namely the Little Wonder, Junction and Roscoes Reward deposits.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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