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Ord partners with ABM on Suplejack to focus on K2 project

29th September 2014

By: Mariaan Webb

Creamer Media Contract Publishing Editor

  

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JOHANNESBURG (miningweekly.com) – ASX-listed Ord River Resources is bringing in fellow-listed ABM Resources as a partner for its Suplejack gold project, in the Northern Territory, which will free it up to focus on the development of the K2 underground project, in Western Australia.

The Suplejack project has a 110 000 oz gold resource with upside potential.

In terms of the in-principle option agreement, which was announced to the ASX on Monday, ABM was required to pay an option fee of $100 000 and was required to spend $200 000 on exploration over 18 months.

ABM could then elect to farm-in to the project by spending $300 000 over the following two years to earn a 70% stake in the project. At that point, a 70:30 joint venture would be established.

Ord River previously said that the K2 orebody at the Plutonic Dome project could deliver 37 000 oz of gold over three years. Ord is working to earn a 75% interest on the Plutonic Dome project from Dampier Gold.

Edited by Creamer Media Reporter

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