News and Announcements
Intermin Resources (ASX: IRC) Completion of Anthill Gold Project Acqusition
- Published July 06, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Intermin Resources Limited (ASX: IRC) is pleased to advise that acquisition of 100% of the Anthill gold project in the Western Australian goldfields has been completed.
KEY TAKEAWAYS:
- $25,000 in cash on signing the formal sale agreement
- $25,000 in cash on completion or waiver of conditions precedent in the formal sale agreement and transfer of lease documentation and mining information to Intermin
- $250,000 in cash on or before 30 June 2017
- Intermin to pay a gold production royalty of $5/oz for the first 100,000 ounces mined from the project.
The Mining Lease has now been transferred to Intermin, all mining information provided and final cash payments made.
Commenting on the acquisition, Intermin’s Managing Director, Mr Jon Price said:
“The Company is now very much looking forward to commencing its first drilling program at Anthill this Quarter after reviewing the geological database and identifying a number of extensional and new target opportunities. We will also be completing some validation drilling to confirm historic data that supported the quoted 160,000 ounce Resource Estimate. This will enable an updated JORC 2012 Resource estimate to be compiled in the December Quarter”.
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