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Apex calls in help to sell Wiluna

27th May 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed Apex Minerals has called in the help of independent corporate adviser PCF Capital Group to help sell off its Wiluna gold mine, in Western Australia.

Earlier this month, Apex terminated a memorandum of understanding with Ever Prosperity Investments for the sale of the Wiluna project. The company had agreed to a 60-day extension of the due diligence period, but Ever Prosperity had failed to pay the $250 000 fee by the agreed-upon deadline.

The sales price between Apex and Ever Prosperity had been set at A$50-million.

Apex noted that the Wiluna mine had recently begun improving on its operating performance, with production increasing to 4 000 oz a month, with total mine site cash costs decreasing to A$4.5-million a month, proving that the mine was a viable operation even at the current gold prices.

Apex said that with this in mind, the company would proceed with the sales process, measuring any opportunities against the improved performance of the mine.

Edited by Creamer Media Reporter

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