TORONTO (miningweekly.com) – Vancouver-based Gold Wheaton has completed a gold purchase transaction with TSX- and JSE-listed First Uranium for a portion of the gold produced at First Uranium's Ezulwini mine, the firms announced this week.

In a deal first announced in November, Gold Wheaton has paid $50-million upfront and will pay the lesser of $400/oz and the prevailing spot price of gold for 7% of the gold produced over the life of the Ezulwini gold/uranium mine.

The agreement includes a minimum delivery of 16 500 oz in 2010 and 19 500 oz of gold in 2011.

The two companies already had a deal in place for gold produced at First Uranium's other producing operation, Mine Waste Solutions, where Gold Wheaton will buy 25% of the gold produced from the asset.

"We are very pleased to have closed this second transaction with First Uranium and look forward to receiving growing gold deliveries from this project, as well as their Mine Waste Solutions project," Gold Wheaton CEO David Cohen said in a statement.

The company “remains well funded to consider opportunities to develop our gold stream portfolio”, he added.

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