Kidman completes Burbanks gold buy
PERTH (miningweekly.com) – ASX-listed junior Kidman Resources has completed the acquisition of an 80% interest in the Burbanks gold mine, in Western Australia.
Kidman agreed to acquire the majority stake in the project at the end of April from a private company, in a transaction worth A$3-million. The junior also agreed to spend A$2.4-million in working capital.
Kidman has retained the option to take full ownership of the Burbanks project by paying its joint venture partner a further A$3-million, and by granting a A$10/oz royalty, within the next three years.
The junior had previously noted that drilling at Burbanks had outlined extensive gold mineralisation at the existing Christmas openpit and underground operations. However, as the project was privately held, the resource was not drilled to Joint Ore Reserves Committee standards.
The Burbanks mining centre has historically produced 366 340 oz, at an average grade of 13.9 g/t from both the openpit and underground sources.
Kidman was hoping to start production from Burbanks during the September quarter of this year.
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