Ramelius expands WA holdings
1 February 2012
ADELAIDE, Feb 9 – Ramelius Resources has been out shopping in Western Australia, picking up a package of West Kambalda tenements and a gold deposit in the Goldfields region.
The company has signed a letter of intent to purchase the Vivien gold deposit near Leinster from Agnew Gold Mining. It will pay A$10M plus a production royalty for the high-grade vein-style deposit, which currently has indicated resources of 154,000oz (579,000t at 8.3g/t Au).
Agnew Gold Mining, which operates the nearby Agnew mine, will also get to toll-treat the ore produced from Vivien.
Once the purchase is completed, Ramelius says it will undertake further drilling intended to extend the orebody at depth and down-plunge.
Ramelius will pay Breakaway Resources $300,000 plus a 1.5% net smelter return for 10 exploration, prospecting, and mining licences close to its Wattle Dam gold mine in the West Kambalda region.
The royalty will apply to all minerals other than nickel, and Breakaway will retain all rights to nickel in the tenements.
Breakaway Resources says the sale excludes its Spargos Reward tenements, which contain the historic Spargos Reward gold mine.
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