Ramelius makes another gold buy
PERTH (miningweekly.com) – ASX-listed gold miner Ramelius Resources has signed a sale and purchase agreement with diversified miner Glencore subsidiary Xstrata Nickel Australasia Operations and Giralia Resources to acquire the Kathleen Valley gold project, in Western Australia.
Xstrata Nickel and Giralia were the partners in the Kathleen Valley and Mount Harris Joint Venture (JV).
Under the terms of the agreement, Ramelius would pay Xstrata Nickel some A$3.64-million in cash for its Kathleen Valley tenements. Additionally, the company had also agreed to pay A$405 000 to acquire the adjacent Kathleen Valley JV and the Mt Harris JV.
Collectively, the package of three contiguous tenement groups would be known as the Kathleen Valley gold project.
“The acquisition of the Kathleen Valley gold project will add significantly to Ramelius’ recent acquisition of the Vivien gold project, enable cost reduction synergies across both projects and significantly build the company’s strategy to create a high yielding, positive cash flow mining business centered on its established Mt Magnet million operations,” said Ramelius MD Ian Gordon.
The Kathleen Valley tenements contain a Joint Ore Reserves Committee-compliant resource of 130 000 oz over three deposits.
Ramelius intended to complete further resource definition drilling within the next six months, enabling the company to upgrade the resource to the indicated category, to use in future mine planning studies, Gordon said.
He noted that previous scoping studies undertaken on behalf of Xstrata Nickel had indicated the potential for a high-grade openpit development, at a low capital cost.
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