PERTH (miningweekly.com) – ASX-listed Pantoro has reached its A$50-million sole-fund milestone at the Norseman gold project, in Western Australia, forming an unincorporated joint venture (JV) with fellow-listed Tulla Resources.
Pantoro on Monday told shareholders that as a 50% shareholder in the project, the company would now be responsible for half of the expenditure being incurred at the gold project, and has submitted an approved budget to the JV and issued cash calls to the JV parties.
“Our intensive and pre-development works at Norseman during the past year-and-a-half have demonstrated the quality of the project,” said Pantoro MD Paul Cmrlec.
“Deconstruction of the existing processing facility has commenced, and we look forward to building the project during the next year while we continue to grow the resource base through substantial ongoing drilling programmes.”