Kin Mining sells gold deposits to Genesis
Western Australia-based Kin Mining will sell tenements hosting 610 000 oz that form part of the Cardinia gold project to midtier gold producer Genesis Minerals for A$53.5-million in cash and Genesis shares.
The tenements host the Bruno, Lewis, Kyte and Raeside deposits and some associated buildings and miscellaneous licences valued at A$15-million in cash, and 21.92-million unescrowed Genesis shares, based on a five-day volume weighted average share price, valued at A$38.5-million.
The transaction equates to about A$88/oz.
On completion of the sale, Kin will hold 39.19-million shares valued at A$69-million and cash of A$17-million for a total of A$86-million in cash and liquid assets.
“This is a great deal for Kin and one that resets the bar. The cash will allow us to follow up on some exciting deeper targets, further define our existing resources and evaluate other growth options. This puts us in a unique position in the junior WA gold sector with the ability to unlock the value of our existing assets, aggressively target new discoveries and participate in future consolidation,” said executive chairperson Rowan Johnston.
The Cardinia project has 0.93-million ounces of gold mineral resources left after selling the 610 000 oz to Genesis.
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