PERTH (miningweekly.com) – Junior Dampier Gold has acquired an 80% interest in two exploration licences in the Kalgoorlie gold mining district.
The company on Monday told shareholders that the acquisition comprised the Menzies exploration licence, which is adjacent to the company’s own Menzies gold camp, and the Goongarrie project, which is southwest of Menzies.
Under the terms of a binding term sheet signed with ASX-listed Magnum Mining & Exploration, and Discovery Capital, Dampier acquired an 80% interest in each of the tenements for the issue of 10-million fully paid ordinary shares in the company, as well as A$20 000 in cash.
Following Dampier spending a further A$300 000 on each of the tenements, the vendors could elect to contribute their 20% pro-rata share on all future expenditures, or to receive a 2% gross royalty on either the Menzies or Goongarrie projects.