PERTH (miningweekly.com) – ASX-listed junior Orminex has completed the A$600 000 purchase of the Penny’s Find gold mine, in Western Australia.
The deal struck between Orminex and fellow-listed Empire Resources included a net smelter royalty of 5% payable on the first 50 000 oz produced from the project area, and a 2.5% royalty thereafter.
Orminex on Tuesday said that the company would now apply for an underground mining licence and all other statutory approvals required to start mining.
“This strategic acquisition for Orminex is located within easy trucking distance of our processing options and our current mining operation at Comet Vale. We will now push forward with plans to get the mine into production as soon as possible,” said executive chairperson Daryl Henthorn.
The project is estimated to host some 56 000 oz of gold within a previously announced underground mineral resource.