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Monday, 21st March 2005 (3810 views)

St Barbara Mines has acquired the gold division of Sons of Gwalia in a new $38 million deal.<br/><br/>St Barbara provided a cash payment of $2.3 million, guaranteed environmental performance bonds of $30 million and additional performance bonds of up to $5.7 million.<br/><br/>The company will own the division from March 28th this year.<br/><br/>Under the deal St Barbara will acquire 10,000 km2 of land in western Australia, which in turn consists of four processing plants.<br/><br/>Production at the sites over the last eight years has averaged 400,000 ounces a year.<br/><br/>The firm believes that as well as the predicted gold production, it believes there is considerable exploration potential across the sites.<br/><br/>New gold exploration will focus on the Leonara region, South Laverton region and the Southern Cross region.<img alt="track" src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=8083778"/>

 

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