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.