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Sydney, Dec 19, 2011 (ABN Newswire) - Gold Anomaly Limited (
ASX:GOA) is pleased to announce that following Kenai Resources Limited (CVE:KAI) advising of its intent to exercise its option over 75% of GOA's wholly owned Brazilian subsidiary Gold Aura do Brasil Mineração Ltda (GOAB), GOA and KAI have settled on terms for KAI to acquire the 25% residual balance.
The total consideration payable by Kenai for the residual balance is the issue of 16 million ordinary Kenai shares representing 26% of the current 62 million Kenai shares on issue. 10 million shares will be issued on completion of the sale following regulatory and related approvals, with such shares subject to a 12 months non-trading hold period, and an additional 6 million shares upon occurrence of any of the following:
(a) a granted Mining Lease or equivalent on the Sao Chico Project ("the Project");
(b) a positive bankable feasibility study of the Project;
(c) commencement of mining, other than under a GUIA trial mining licence, at the Project;
(d) a disposal in whole or part by KAI of GOAB or a disposal of the Project in whole or part (for example by way of sale, or farm-in or joint venture by GOAB or KAI) or
(e) a takeover of KAI including a partial takeover.
Commenting on the arrangement Gold Anomaly Exploration Director Peter Macnab said "Following the recent announcement of the maiden resource and petrology results from the recent deep hole at Crater Mountain the decision to focus on Crater was easy." Mr Macnab also said, "Kenai management have demonstrated their ability with excellent success from their initial drilling program. Selling our direct stake for shares means that we can participate in the upside while not having to use precious cash to continue exploration and development."
Kenai is a Canadian company focused on precious mineral project exploration and development, towards early significant gold production. In addition to the Sao Chico gold project in Brazil, Kenai is also involved in exploration of the wholly-owned Quartz Mountain and Hope Butte gold epithermal gold projects in South-Eastern Oregon, both located in Malheur County, close to the Oregon border with Idaho.
On the issue of the first 10 million shares GOA will be the largest shareholder of Kenai owning 13.9% of the company.
ASX:GOA) is pleased to announce that following Kenai Resources Limited (CVE:KAI) advising of its intent to exercise its option over 75% of GOA's wholly owned Brazilian subsidiary Gold Aura do Brasil Mineração Ltda (GOAB), GOA and KAI have settled on terms for KAI to acquire the 25% residual balance.The total consideration payable by Kenai for the residual balance is the issue of 16 million ordinary Kenai shares representing 26% of the current 62 million Kenai shares on issue. 10 million shares will be issued on completion of the sale following regulatory and related approvals, with such shares subject to a 12 months non-trading hold period, and an additional 6 million shares upon occurrence of any of the following:
(a) a granted Mining Lease or equivalent on the Sao Chico Project ("the Project");
(b) a positive bankable feasibility study of the Project;
(c) commencement of mining, other than under a GUIA trial mining licence, at the Project;
(d) a disposal in whole or part by KAI of GOAB or a disposal of the Project in whole or part (for example by way of sale, or farm-in or joint venture by GOAB or KAI) or
(e) a takeover of KAI including a partial takeover.
Commenting on the arrangement Gold Anomaly Exploration Director Peter Macnab said "Following the recent announcement of the maiden resource and petrology results from the recent deep hole at Crater Mountain the decision to focus on Crater was easy." Mr Macnab also said, "Kenai management have demonstrated their ability with excellent success from their initial drilling program. Selling our direct stake for shares means that we can participate in the upside while not having to use precious cash to continue exploration and development."
Kenai is a Canadian company focused on precious mineral project exploration and development, towards early significant gold production. In addition to the Sao Chico gold project in Brazil, Kenai is also involved in exploration of the wholly-owned Quartz Mountain and Hope Butte gold epithermal gold projects in South-Eastern Oregon, both located in Malheur County, close to the Oregon border with Idaho.
On the issue of the first 10 million shares GOA will be the largest shareholder of Kenai owning 13.9% of the company.
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About Gold Anomaly Limited
Gold Anomaly Limited (ASX:GOA) is an ASX-listed junior company focussed on exploration and pre-development projects in Papua New Guinea. Based on the results to date and the experience of Peter Macnab, Gold Anomaly’s Director of Exploration, the company’s flagship project is the Crater Mountain gold project which has the potential to become a multi-million ounce gold deposit. This potential should be considered recognising that the potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a Mineral Resource, and it is uncertain if further exploration will result in the determination of a Mineral Resource.
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>>>       Gold Anomaly Limited>>> Kenai Resources Limited |
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