PERTH (miningweekly.com) – Junior Anova Metals has completed the A$9-million divestment of its Second Fortune gold mine, and the greater Linden gold project, to the Linden Gold Alliance.
Anova on Wednesday confirmed that it had received the remaining A$4.5-million of the A$5-million upfront cash consideration.
Two further installments of A$2-million each in deferred cash consideration will become payable at the 18-month and 24-month marks. Anova will also receive a net smelter royalty of 1.5% on each ounce of gold produced from the Linden project, after a total of 75 000 cumulative ounces of gold has been produced, and capped at a total royalty payable of A$1-million.
“The sale of Second Fortune is another key milestone in Anova’s strategy to focus on, and rapidly add value, to the Big Springs gold project,” said Anova MD Joe Wang.
“The sale of Second Fortune simplifies Anova’s corporate structure to align with its skill set and strategy to rapidly grow the Big Springs resource base and provides significant funding for future exploration programmes at Big Springs.”