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Panoramic seeks buyers for Gidgee

5th August 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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KALGOORLIE (miningweeky.com) – Nickel-focused Panoramic Resources would undertake a more formal process to sell its Gidgee gold project, MD Peter Harold said on the sidelines of the Diggers & Dealers conference.

Panoramic and its joint venture partner Matsa Resources sold the Mt Henry gold project to fellow-listed Metals X in July, in exchange for 22-million fully paid ordinary shares in the company.

The Mt Henry project had a Joint Ore Reserves Committee-compliant resource of some 1.65-million tonnes, grading 1.19 g/t gold for 922 900 oz.

Harold said on Wednesday that a number of parties, including Chinese investors, had already shown an interest in buying the Gidgee operation.

A 2012 scoping study estimated that the project would require a capital investment of some A$127-million to deliver an 80 000 oz/y to 90 000 oz/y operation.

The project covers some 1 200 km2 of prospective tenements in the East Murchison province.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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