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Mount Gibson Iron Ltd Reaches Agreement To Acquire Mid West Exploration Tenements

Thursday, 20 Dec 2012 01:45am EST 

Mount Gibson Iron Ltd announced that it has reached agreement with Royal Resources Ltd (Royal) to acquire a substantial exploration landholding at Field’s Find, 60 kilometres north of Mount Gibson’s Extension Hill iron ore mine. The proposed acquisition is consistent with the Company’s stated strategy to expand its exploration footprint around its existing Mid West iron ore operations and transport infrastructure. Subject to the acquisition proceeding and the obtaining of all necessary approvals, Mount Gibson anticipates field activities will commence in the first half of 2013. Consideration for the acquisition will comprise AUD 500,000 on settlement, with respective payments of AUD 200,000 due if sales of 1 million tonnes of iron ore, or 10,000 ounces of gold, are achieved from the project area within ten years. The acquisition is subject to conditions, including completion of due diligence to the satisfaction of Mount Gibson, and gaining all relevant third party and government consents (including approval by the Foreign Investment Review Board). 

Company Quote

-0.045 -8.26%
1 Oct 2014