PERTH (miningweekly.com) – ASX-listed Intermin Resources has struck a settlement agreement with the administrators of Eastern Goldfields over the Menzies and Goongarrie farm-in joint venture projects in Western Australia.
The settlement would see both the Menzies and Goongarrie projects return to the full ownership of Intermin, with the company saying on Thursday that all relevant mining and geological information would be returned to the company.
Intermin would now undertake a detailed review of the work completed by Eastern Goldfields, which went into administration in November of last year after a A$75-million recapitalization transaction fell through, and would integrate both the Menzies and Goongarrie projects into the exploration and development programmes planned for 2019.
Intermin is in the midst of a takeover offer of fellow listed MacPhersons, offering one of its own shares for every 1.8227 MacPhersons shares held. The merger, which has been unanimously recommended by the MacPhersons board, will create a company with a mineral resource estimate of 1.15-million ounces of gold.