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Silver Lake sells Great Southern project for A$5m

15th July 2016

By: Mariaan Webb

Creamer Media Contract Publishing Editor

  

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JOHANNESBURG (miningweekly.com) – ASX-listed Silver Lake on Friday announced that its farm-in and joint venture partner ACH Minerals had exercised its option to buy the Great Southern gold project, in Western Australia.

ACH had an agreement to earn up to 80% interest in the project through expenditure on exploration, but was also granted an option to acquire the project for a cash payment at any time during the earn-in period.

“This is a further step in our strategy to realise value from our noncore assets and minimise our financial and management commitments outside our core Mount Monger operations,” commented Silver Lake MD Luke Tonkin.

The Great Southern project had a current Joint Ore Reserve Committee- (Jorc-) compliant resource of one-million ounces of gold, 10-million ounces of silver and 95 000 t of copper. The project had a Jorc reserve of 0.44-million ounces of gold, 8.3-million ounces of silver and 60 000 t of copper.

Edited by Creamer Media Reporter

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