De Grey Mining Executes Indee Gold Share Sale Agreement
West Perth, WA / February 12, 2018 / JMN Wire / De Grey Mining Limited (ASX: DEG) (“De Grey”, “DEG”, “the Company”) is pleased to announce that it has executed a detailed Share Sale Agreement (“SSA”) on 9 February 2018 to acquire all the shares in Indee Gold Pty Ltd (“Indee Gold”) from current owner Northwest Non-Ferrous Australian Mining Limited (“NNAM”).
De Grey Chairman, Simon Lill, commented that:
“In early 2017, De Grey secured the right to evaluate the development potential in combining the Turner River and Indee Gold assets. Now just 12 months later after significant and successful exploration activities and scoping studies, the Company has committed to acquiring the Indee Gold Project.
The next 12-month goal is to advance detailed feasibility studies and commence approvals to establish the Pilbara’s next gold mining operation.”
- De Grey advances its Pilbara Gold Project Development plans by signing a detailed Share Sale Agreement to acquire Indee Gold
- Key commercial terms
- Settlement deadline extended to 24 January 2019;
- $1.5M deposit paid on Sale Agreement execution;
- $13.4M remains payable on settlement, which includes a $3M equity commitment; and
- Ability to extend settlement a further 6 months (to 24 July 2019) by paying a further $700,000 deposit (deductable from Settlement payment).
- Acquisition of Indee Gold provides the Pilbara Gold project with:
- An additional 746,200oz in resource (total +1.2Moz)
- Over 385km2 of highly prospective tenure
- Mining related infrastructure including a 20-man camp (expandable)
- Loudens Patch, Steel Well and Jarret Well conglomerate targets
- Pre-Feasibility activities to escalate over the coming months