PERTH (miningweekly.com) – Diamond and gold hopeful Gibb River Diamonds has exercised its option over the Edjudina gold project, in Western Australia.
Gibb River on Wednesday said that project vendors have been issued an exercise fee of A$330 000 in cash and 5.5-million Gibb River shares, as well as 5.5-million options.
The company told shareholders that it was pleased with the acquisition of the Edjudina gold project, which gave it full ownership of a high-grade, quality gold project in the heart of the Eastern Goldfields.
Gibb River added that the discovery of the Neta Lodes gold prospect had enhanced the prospectivity of the field considerably, and that the company was looking forward to building on this with the upcoming drilling campaigns in the next year.
Meanwhile, the company would also progress its Elledale diamond project, while concurrently drilling and exploring the Edjudina gold project.