PERTH (miningweekly.com) – Junior Ora Banda Mining has struck a A$10-million agreement to divest of certain noncore Lady Ida tenements, in Western Australia.
The company told shareholders that following the completion of the transaction, the purchasers would be granted rights to explore for and mine gold and silver over the tenement areas.
“The sale of these tenements for A$10-million is a great outcome for Ora Banda Mining shareholders as they do not align with Ora Banda Mining’s strategy to target high-grade underground deposits, nor is it included in our production target of 100 000 oz/y supported by reserves,” said MD Luke Creagh.
“In addition, the Lady Ida tenements are approximately 65 km from the Davyhurst plant with significant capital requirements to establish haul roads and access for Ora Banda Mining, and the deposit is lower grade than other resources on the OBM tenements. “The $10-million sale proceeds will strengthen Ora Band’s balance sheet as we progress the Riverina underground toward final investment decision and continue exploration on other advanced high-grade targets.”