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Evolution continues Drummond earn-in

12th September 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Gold miner Evolution Mining will invest a further A$4-million at the Drummond gold project, in Queensland, after taking the decision to commit to the second stage of funding at a joint venture (JV) with ASX-listed Andromeda Metals.

Evolution last year struck an earn-in and JV agreement to earn an initial 51% interest in the project by making a cash payment of A$300 000 to Andromeda and spending A$2-million on exploration over a two-year period.

The Stage 2 earn-in, which has now been approved, would see Evolution earn a further 29% interest in the project by spending a further A$4-million over a two-year period.

Andromeda will also receive a A$200 000 cash payment from Evolution as part of the Stage 2 earn-in.

The Drummond project covers some 520 km2 and is 50 km south-west of Evolution’s Mt Carlton operation.

Edited by Creamer Media Reporter

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