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Resolute Mining to sell Ravenswood Gold Mine for total proceeds of up to $300 million

Resolute Mining Limited (ASX:RSG) has signed definitive agreements for the sale of the Ravenswood Gold Mine in Queensland to a consortium comprising private equity manager EMR Capital and Golden Energy and Resources Ltd (SGX:AUE).

The sale proceeds of up to $300 million in cash will be received by Resolute comprising:

$100 million of upfront value consisting of $50 million of cash and $50 million in promissory notes;
up to $50 million linked to the average gold price over a four-year period (gold price contingent payment); and
up to $150 million linked to the investment outcomes of Ravenswood for the EMR Fund (upside sharing payment).

EMR Capital, led by executive chairman Owen Hegarty and chief executive officer Jason Chang, is a specialist resource-focused private equity group with a track record of achievement as a developer and operator of Australian-based mining assets.

Golden Energy and Resources (GEAR) is an energy and resources company in Asia Pacific with producing coal as..

Resolute Mining Limited (ASX:RSG) has signed definitive agreements for the sale of the Ravenswood Gold Mine in Queensland to a consortium comprising private equity manager EMR Capital and Golden Energy and Resources Ltd (SGX:AUE).

The sale proceeds of up to $300 million in cash will be received by Resolute comprising:

  • $100 million of upfront value consisting of $50 million of cash and $50 million in promissory notes;
  • up to $50 million linked to the average gold price over a four-year period (gold price contingent payment); and
  • up to $150 million linked to the investment outcomes of Ravenswood for the EMR Fund (upside sharing payment).

EMR Capital, led by executive chairman Owen Hegarty and chief executive officer Jason Chang, is a specialist resource-focused private equity group with a track record of achievement as a developer and operator of Australian-based mining assets.

Golden Energy and Resources (GEAR) is an energy and resources company in Asia Pacific with producing coal assets in Indonesia and strategic stake investments in two ASX-listed mining companies.

No change to mine development plans

EMR Capital and GEAR are committed to progressing the Ravenswood Expansion Project with no immediate changes to Ravenswood Gold Mine employment or contract relationships, with current mine plan and development plans to continue.

The divestment provides strategic clarity and is consistent with Resolutes ambition of being a low-cost multi-mine Africa-focused gold producer.

Importantly, the transaction terms maximise financial returns for Resolute from the Ravenswood Gold Mine with no future capital or funding requirements.

Completion of the transaction is targeted to occur prior to March 31 2020 subject to the satisfaction of conditions precedent (financial close).

Immediate cash and potential future upside

Resolute managing director and CEO John Welborn said: “The sale of our Ravenswood Gold Mine on the terms announced today provides the opportunity for exceptional value for Resolute shareholders.

“We have strengthened our balance sheet with a combination of immediate cash and the potential for future upside as well as removing the requirement of a large near-term capital investment.

“The divestment has strong strategic merit for Resolute.

“We have delivered on our objective of ensuring a new long-life future for Ravenswood under a world-class operatRead More – Source

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Australia

Meteoric Resources drilling intersects high-grade gold shoot below Juruena resource

Meteoric Resources NL (ASX:MEI) has intersected a high-grade gold shoot below the current Juruena resource as part of the companys maiden drilling program across its Brazilian portfolio.

Drill hole JUDD022 targeted the southern high‐grade gold shoot at the Dona Maria deposit intersecting 4.4 metres at 13.5 g/t gold from 300 metres including 2 metres at 27.3 g/t gold from 302 metres.

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Meteoric managing director Dr Andrew Tunks said: “This fantastic result from JUDD022 caps a remarkable maiden drilling campaign by Meteoric at Juruena which commenced with one of the best drill results in the World in 2019 of 20.6 metres at 94.9 g/t gold from 97 metres and was followed by some further stunning results during the campaign.

“To my mind, this final result is the best of the bunch as it confirms the high grade is open at depth, providing us with a host of immediate drill targets to substantially grow the Juruena resource.

“It really is only the beginning of the road fo..

Meteoric Resources NL (ASX:MEI) has intersected a high-grade gold shoot below the current Juruena resource as part of the companys maiden drilling program across its Brazilian portfolio.

Drill hole JUDD022 targeted the southern high‐grade gold shoot at the Dona Maria deposit intersecting 4.4 metres at 13.5 g/t gold from 300 metres including 2 metres at 27.3 g/t gold from 302 metres.

Meteoric managing director Dr Andrew Tunks said: “This fantastic result from JUDD022 caps a remarkable maiden drilling campaign by Meteoric at Juruena which commenced with one of the best drill results in the World in 2019 of 20.6 metres at 94.9 g/t gold from 97 metres and was followed by some further stunning results during the campaign.

“To my mind, this final result is the best of the bunch as it confirms the high grade is open at depth, providing us with a host of immediate drill targets to substantially grow the Juruena resource.

“It really is only the beginning of the road for Juruena and I cant wait to get the drill rigs turning again and see just how wide and deep the high grade mineralisation at Dona Maria extends.

“In technical terms, the results from JUDD022 confirm the interpreted continuity and steep southerly plunge of the southern high‐grade ore shoot at Dona Maria.

“JUDD022 intercepted the mineralised zone approximately 30 metres below the current Mineral Resource model and conclusively shows the mineralisation is still strong below that depth.

“We expect to commence drilling early in Q2, with the exact date dependent on the cessation of the current wet season.”

Juruena resource


The latest round of results highlights the confirmation of a high‐grade ore shoot at Dona Maria and the potential for Tomate to provide additional ounces to the Juruena resource which currently stands at 1.2 million tonnes at 6.3 g/t gold for 261,000 ounces.

MetRead More – Source

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Australia

Lake Resources to upsize share purchase plan following strong investor demand

Lake Resources NL (ASX:LKE) received a further boost for its growth plans with strong investor demand for its share purchase plan (SPP) and placement.

The companys $1.5 million SPP has been oversubscribed having secured some $2.1 million while a private placement to sophisticated and professional investors has raised a total of about $3.37.

Lake is now considering upsizing the SPP to accommodate the increased demand from shareholders, with such funding to help speed the companys development plans.

The strong investor support will facilitate the development of sustainable and scalable direct extraction technology at Lakes flagship Kachi Lithium Brine Project in Argentina.

The technology developed by Lakes partner, Lilac Solutions has received backing from a fund led by Bill Gates and other global business heavyweights and offers a potential sustainable solution for the lithium brines industry.

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Lake managing director Steve Promnitz said: “The strong investor su..

Lake Resources NL (ASX:LKE) received a further boost for its growth plans with strong investor demand for its share purchase plan (SPP) and placement.

The companys $1.5 million SPP has been oversubscribed having secured some $2.1 million while a private placement to sophisticated and professional investors has raised a total of about $3.37.

Lake is now considering upsizing the SPP to accommodate the increased demand from shareholders, with such funding to help speed the companys development plans.

The strong investor support will facilitate the development of sustainable and scalable direct extraction technology at Lakes flagship Kachi Lithium Brine Project in Argentina.

The technology developed by Lakes partner, Lilac Solutions has received backing from a fund led by Bill Gates and other global business heavyweights and offers a potential sustainable solution for the lithium brines industry.

Lake managing director Steve Promnitz said: “The strong investor support is extremely encouraging, particularly amid current market conditions, and I would like to sincerely thank both our new and existing investors for your commitment.

“Lake has some huge milestones Read More – Source

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Australia

Cardinal Resources receives water extraction permits for Namdini

Cardinal Resources Ltd (ASX:CDV) has been granted water extract permits for its Namdini Gold Project in Ghana, West Africa.

The permits allow Cardinal to extract raw water from:

The White Volta River for mining and processing purposes; and
Boreholes located within the Mining License area for mine construction and development purposes.

Cardinals chief operating officer Dave Anthony said: “These key permits will enable Cardinal to support the development and operation of the Namdini Gold Project.

“These permits allow for all year‐round water extraction from the White Volta River, as well as boreholes located on the project site.”

CEO and managing director Archie Koimtsidis added: “We are extremely grateful to the Water Resources Commission of Ghana and all involved for the approval of our Water Use Permits and ongoing water licences.

Namdini rapidly moving into development phase[hhmc]
“We are enthused with the granting of these critical permits as they are essential to the Namdini ..

Cardinal Resources Ltd (ASX:CDV) has been granted water extract permits for its Namdini Gold Project in Ghana, West Africa.

The permits allow Cardinal to extract raw water from:

  • The White Volta River for mining and processing purposes; and
  • Boreholes located within the Mining License area for mine construction and development purposes.

Cardinals chief operating officer Dave Anthony said: “These key permits will enable Cardinal to support the development and operation of the Namdini Gold Project.

“These permits allow for all year‐round water extraction from the White Volta River, as well as boreholes located on the project site.”

CEO and managing director Archie Koimtsidis added: “We are extremely grateful to the Water Resources Commission of Ghana and all involved for the approval of our Water Use Permits and ongoing water licences.

Namdini rapidly moving into development phase


“We are enthused with the granting of these critical permits as they are essential to the Namdini Project.

“With these approvals in place, there is clear demonstration of continued support for the project development from the Ghana Government.

“The Namdini Gold Project is rapidly and successfully moving into its development phase.”

Feasibility study based on US$1,350 per ounce gold


Notably, Namdinis feasibility study ascribed a post-tax net present value (NPV) of USD$590 million and an IRR of 33.2% for the proRead More – Source

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