PERTH (miningweekly.com) – ASX-listed Intermin Resources and Focus Minerals have extended an exclusivity deed over the 2.1-million-ounce Coolgardie gold project, in Western Australia, by a further three months.
The two companies in February announced a potential A$40-million asset sale agreement over the Coolgardie project, which includes the 1.2-million-tonne-a-year Three Mile Hill processing plant, which is currently on care and maintenance.
Focus on Tuesday said the three-month extension to the exclusivity period would give the companies time to finalise formal documentation for the proposed transaction and to secure all the necessary approvals to complete it.
Both parties have reiterated their commitment to completing the transaction; however, Focus noted that there were no assurances that the proposed transaction would proceed.
Intermin has just completed a takeover offer of fellow listed MacPhersons Resources, under which it offered one of its own shares for every 1.8227 MacPhersons shares held. The merger created a company with a mineral resource estimate of 1.15-million ounces of gold.
A consolidated feasibility study is now planned for the the Boorara project, in Western Australia.
Intermin on Tuesday said that, assuming the potential transaction with Focus was completed, the company would incorporate the Coolgardie gold asset into its consolidated feasibility study, which is due for completion in the March quarter of 2020.