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Kidman wraps up project sale to Metals X

20th June 2016

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

  

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JOHANNESBURG (miningweekly.com) – ASX-listed Kidman Resources has completed the sale of its Gunga West gold project, near Kalgoorlie, in Western Australia, to fellow-listed Metals X, the company announced on Monday.

The Gunga West project hosted a resource of 73 000 oz at 1.7 g/t;  however, Kidman considered the project as noncore, owing to its recent agreement to buy the one-million-ounce Mt Holland gold field, near Southern Cross, also in Western Australia, for A$3.5-million.

The sale of Gunga West, announced in March, would provide Kidman with A$1.5-million in cash and two subsequent payments of A$500 000 each when the mine reached certain production milestones.

Kidman currently produced gold at the Burbanks mine, near Coolgardie, in Western Australia.

Edited by Creamer Media Reporter

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