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RNI increases holdings in WA

3rd April 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed Resource and Investment (RNI) on Wednesday reported that it would expand its footprint in Western Australia by acquiring the Horseshoe Range gold project from fellow-listed Naracoota Resources.

The Horseshoe Range project, which consisted of two exploration licences, 19 prospecting licences and certain exploration field assets, directly adjoined RNI’s Horseshoe mining licence, which formed part of its greater Grosvenor gold and base metals project.

The Horseshoe project contained an estimated Joint Ore Reserves Committee-compliant resource of 164 600 oz, based on a 2.37-million resource, grading 2.16 g/t.

Under the terms of the transaction, RNI would provide Naracoota some two-million fully paid ordinary shares, at a deemed issue price of 25c each, or shares to the value of A$300 000, based on the volume-weighted average price of RNI shares in the five trading days prior to the completion date.

The sales agreement was subject to various conditions and approvals, including Narcoota shareholder approval.

Edited by Creamer Media Reporter

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