KalNorth Gold Sells Kurnalpi Project in Western Australia
KalNorth Gold Kurnalpi ProjectKalNorth Gold Mines

KalNorth Gold Sells Kurnalpi Project in Western Australia

KalNorth Gold Mines Limited announces that it, together with its wholly owned subsidiary Shannon Resources Pty Ltd, has entered into a binding agreement for

KalNorth Gold Mines Limited announces that it, together with its wholly owned subsidiary Shannon Resources Pty Ltd, has entered into a binding agreement for the sale of the Group’s Kurnalpi Project for a total consideration of AUD 18 million. The purchaser of the Kurnalpi Project is Northern Star (Carosue Dam) Pty Ltd, a wholly owned subsidiary of Northern Star Resources Limited. The Kurnalpi Project is located approximately 85km north-east of Kalgoorlie, Western Australia and comprises a number of tenements. Included in the Tenements the subject of sale is mining lease M28/70, which adjoins and is surrounded by the Group's mining leases M28/374, M28/76 and M28/92.

The Company has acquired M28/70 from Ms Petalyn Fisher under the terms of a purchase agreement for an amount of $4,602,500. The acquisition of M28/70 has settled and the purchase price, GST thereon and stamp duty has been funded by a secured loan of $5.4 million provided to the Group by NSCD. NSCD and Ms Fisher are not related parties of the Group.

The SPA is subject to a number of conditions

No stories found.
SteelGuru Business News
www.steelguru.com