PERTH (miningweekly.com) – ASX-listed Tanami Gold has struck a sales and purchase agreement with fellow-listed gold miner Northern Star Resources to divest of its interest in the idled Western Tanami project for A$4-million in cash.
The Western Tanami project consists of a number of tenements and a 350 000 t/y carbon-in-leach treatment plant with associated infrastructure. The project was placed on care and maintenance in 2013, following disappointing drilling results.
Tanami said on Tuesday that the transaction with Northern Star was designed to allow the company a clean exit from the Western Tanami project. The deal was subject to shareholder approval, as well as the Department of Mines, Industry Regulation and Safety granting an extension of the terms of certain tenements forming part of the Western Tanami project.
Northern Star would take control of the project through the purchase of Tanami Gold subsidiary Tanami Gold Exploration, but the gold miner could elect to purchase all the project’s assets rather than shares in Tanami Gold Exploration.
Edited by: Creamer Media Reporter
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