JOHANNESBURG (miningweekly.com) – ASX-listed MHM Metals announced on Tuesday that it had acquired a 10% stake in fellow-listed KIN Mining, which owned the Leonora gold project, in Western Australia.
MHM said it had identified Leonora as an “attractive potential gold development” and that it believed it could add significant value to Leonora.
“MHM has approached KIN with a view of exploring potential opportunities between the two companies to leverage off MHM’s balance sheet and resource development expertise,” the company stated.
The Leonora project, comprising the Mertondale, Cardinia and Raeside areas in the Mt Margaret mineral field in the centre of the Eastern goldfields, could be brought into full scale production by the end of 2017.
A scoping study had shown that it could produce an estimated 315 600 oz of gold over a seven-year project life. It envisaged a standard truck-and-shovel configuration.
Edited by: Creamer Media Reporter
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