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Ramelius gets new terms for Vivien buy

3rd September 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed gold miner Ramelius Resources has renegotiated terms for the acquisition of the Vivien gold project from fellow gold miner Gold Fields.

Ramelius signed a sales agreement in October 2012, for A$10-million in cash and a production royalty.

The gold miner said on Tuesday that it would still acquire the Vivien project for A$10-million, of which A$500 000 had already been paid.

However, the two parties have now agreed that Ramelius would make a two-staged payment of A$5-million, initially on or before the end of October this year, while the balance of A$4.5-million would be paid at the end of June next year.

Ramelius would have access to the Vivien tenements for exploration purposes, once it had completed the first tranche payment. The company said that it would start an infill and extensional drilling programme at Vivien as soon as possible.

The Vivien project has a current indicated mineral resource of 579 000 t at 8.3 /t gold for 154 000 oz of contained gold.

Meanwhile, Ramelius has also agreed to place some 25-million new ordinary shares, at 20c each, to Sprott Asset Management, to raise A$5-million. The funds would be used towards finalising the acquisition of the Vivien project.

Edited by Creamer Media Reporter

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