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Empire Metals Ltd - Gold and copper miner with assets in Australia, Georgia and Austria - Signs tribute agreement with Maher Mining Contractors Pty Ltd for Gindalbie gold project located near Gindalbie, Australia.
Says the agreement gives it the exclusive right to explore, develop and mine within a granted area on Maher Mining's wholly-owned mining lease M27/158. Has started an exploratory drilling campaign aimed at testing several priority targets around the historical mine workings.
Under the agreement, Empire will pay Maher Mining AUD250,000, roughly GBP133,871, for an initial six-month exploration term. An additional AUD250,000 is payable if the company decides to extend the exploration period by a further 18 months.
Minimum expenditure commitments during the two stages of exploration are AUD250,000 for each period.
"The signing of the tribute agreement and commencement of drilling at Gindalbie represents a significant milestone in our development plans for Empire. We are continuing to build up a comprehensive portfolio of exploration projects and mining opportunities here in Australia and with the likelihood of finding additional high-grade gold mineralisation at Gindalbie, we see the potential to significantly add to the scale of our gold mineral inventory at Eclipse," Managing Director Shaun Bunn says.
Current stock price: 1.15 pence, up 7.0% on Thursday
12-month change: down 66%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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