Silver Mines takes full ownership of Australia’s largest undeveloped silver deposit
JOHANNESBURG (miningweekly.com) – ASX-listed Silver Mines and Kingsgate Consolidated have renegotiated the terms of the Bowdens Silver transaction, which resulted in Silver Mines taking 100% ownership.
The companies announced in March this year that Silver Mines would buy 85% of the New South Wales-based project for A$20-million in cash, but said on Thursday that the transaction had been amended. Silver Mines would now pay an extra A$5-million for the remaining 15% shareholding in the project.
“The acquisition of the remaining interest in Bowdens Silver results in the immediate expansion of the company’s attributable resource base. The consolidation simplifies and allows substantially greater flexibility around developing and financing the Bowdens Silver project,” commented Silver Mines MD Anthony McClure.
Bowdens Silver, located east of Mudgee, is the largest undeveloped silver deposit in Australia, with a resource of 182-million ounces of silver.
Kingsgate sold the Bowdens Silver project to focus on the more advanced Nueva Esperanza silver and gold project, in Chile.
Silver Mines’ strategy is to consolidate quality silver deposits in New South Wales and to form Australia’s pre-eminent silver company.
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