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Thursday, 16th June 2005 (4335 views)

Matador Exploration and Austminex have completed a deal worth Aus $5.5 million to amalgamate a series of gold tenements near Coolgardie in Western Australia.<br/><br/>Toronto-based Matador and Austminex, headquartered in Perth, plan to bring together and redevelop the fragmented Coolgardie Gold Project, which was previously owned by Leviathan and Herald Resources.<br/><br/>Under the joint venture, the companies will become the largest landholders in the Coolgardie Gold Belt, with the mineral rights to more than 210 square kilometres of unexplored land.<br/><br/>The estimated gold resource for the Project is currently approximately 1.4 million ounces of contained gold, based on an indicated resource of 5.32 million tonnes at an average grade of 1.8g Au/t and an inferred resource of 13.7 million tonnes at an average grade of 2.5g Au/t.<br/><br/>"The consolidation of tenements under the [joint venture] will be the first time in history that a ground package of this magnitude has been in the hands of a single mining venture, allowing us to bring a coordinated and aggressive exploration approach to the Coolgardie Greenstone Belt," said John Williamson, president of Matador.<br/><br/>A 1.1 million tonne per annum gold processing plant is also to be acquired as part of the deal.<img alt="track" src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=8757973"/>

 

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