Alkane earns in to Balamara asset
PERTH (miningweekly.com) – ASX-listed Balamara Resources has taken the first step in the divestment of its noncore assets by signing a farm-in agreement with fellow-listed Alkane Resources over its Elsienora gold project, in New South Wales.
Under the agreement, Alkane can earn up to an 80% interest in the tenements by spending A$500 000 on exploration over three years, with a minimum A$250 000 spend over two years.
This would allow exploration to be advanced at Elsienora without Balamara having to commit its cash resources to this noncore asset, the company said on Tuesday.
This is consistent with Balmara’s priority of progressing the recently secured Nowa Ruda coking coal project, in Poland, to production.
Balamara’s MD Mike Ralston said the farm-in deal with Alkane was consistent with the company’s strategy of focusing its attention on its advanced, tier 1 resource projects in Europe and West Africa.
“We have recently stated that we will be focusing our attention on our tier 1 projects, namely the Nowa Ruda coking coal, in Poland, and the completion of the Togo Phosphate tender in West Africa,” Ralston said.
“We would like to divest the company’s original assets in a way that delivers both value and upside potential for shareholders moving forward.”
Elsienora comprises two exploration tenements in south-eastern New South Wales where Balamara conducted an initial drilling programme in 2011 and 2012.
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