Red River nears Hillgrove completion
PERTH (miningweekly.com) – ASX-listed Red River Resources is nearing the completion of its A$4-million acquisition of the Hillgrove gold-antimony project, in New South Wales, after satisfying all final conditions precedent.
Red River in July this year struck an agreement with Bracken Resources to acquire the Hillgrove project, which has had an historical investment of around A$180-million and a production of more than 730 000 oz of gold and 50 000 t of antimony.
The project is estimated to contain a mineral resource of 2.8-million tonnes, containing some 459 000 oz of gold and 48 000 t of antimony.
Red River on Friday reported that the company had now fulfilled the final condition precedent to the transaction, being the written approval from the New South Wales Minister for Regional New South Wales, Industry and Trade to change the control of the four exploration licences.
“Approval from the New South Wales government was an important step in our acquisition of Hillgrove and now we can move on to the final step to complete the transaction,” said Red River MD Mel Palancian.
“Hillgrove is an exciting project for us, providing Red River with exposure to gold while the Australian dollar gold price is near an all-time high and it’s in a great location with substantial prospectivity. We are looking forward to moving on to the next step to replicate the success we have achieved at our Thalanga operations at Hillgrove.”
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