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La Mancha signs up for Interim project

16th April 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed junior Interim Resources has signed a farm-in agreement with private gold miner La Mancha Resources over the Binduli project, in Western Australia.

Under the terms of the farm-in agreement, La Mancha could earn an initial 51% stake in the project by spending A$2.1-million in exploration over the first three years of the farm-in period.

The gold miner could then elect to earn a further 19% stake in the Binduli project by completing an additional A$2.5-million in expenditure, over a further two years.

La Mancha would act as project manager over the Binduli project, which comprises 9 876 ha of tenement packages located west of Kalgoorlie and adjacent to La Mancha’s Frogs Leg underground mine and its White Foil openpit gold mines.

“La Mancha is a logical partner to team up with, given their strong interest in the immediate area and their position as a successful producer. Importantly, they have the requisite financial and technical resources to aggressively pursue systematic exploration programmes,” said Interim executive director Michael Ruane.

The farm-in agreement would exclude the mining licences which make up the Teal and Peyes Farm gold deposits.

Edited by Creamer Media Reporter

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