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Tribune ponders Barrick Western Australia asset buy

25th October 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Junior Tribune Resources on Friday confirmed that it was considering buying gold miner Barrick Gold’s interest in the Kanowna Belle assets, in Western Australia.

The assets include a 51% stake in the East Kundana gold mine, in which Tribune currently holds a 36.75% stake. The balance of the project is held by Rand Mining.

Tribune on Friday told the ASX that the company was considering the purchase as part of its ongoing business strategy.

The company added that it would make an announcement if and when it entered into a transaction regarding the mine.

The leases making up the East Kunduna project currently host a mineral resource of some 3.28-million tonnes, grading 8.63 g/t gold, for 911 914 oz of contained metal.

Earlier this month, South Africa-based Gold Fields completed the $270-million acquisition of three of Barrick’s gold assets, in Western Australia. The Yilgarn South divestiture was part of Barrick's ongoing portfolio optimisation process to increase free cash flow, in line with the company's capital allocation framework.

The Yilgarn South assets comprise the Granny Smith, Lawlers and Darlot mines, which in 2012, produced a total of 452 000 oz.

Edited by Creamer Media Reporter

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