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Sydney, July 19, 2012 (ABN Newswire) - Gold Anomaly Limited (
ASX:GOA) is pleased to announce that it has entered into an agreement with Global Resources Corporation Limited ("Global") to acquire from Global an Exploration Permit for Minerals in the Croydon District in North Queensland.
The relevant Exploration Permit is under application by Global and is expected to be granted to Global by the Queensland Department of Natural Resources and Mines in December of this year provided that there are no native title objections. In the normal course GOA would then expect the transfer of the Exploration Permit to GOA to be completed early in 2013. In consideration for the transfer GOA will issue to Global $200,000 worth of GOA shares and meet Global's costs of applying for and transferring the Exploration Permit. In addition, a 6% interest in the Exploration Permit will be reserved to Global through to completion of a bankable feasibility study at which point Global can participate in ongoing costs or be diluted.GOA will also grant Global a 1% net smelter royalty on all minerals produced from the area covered by the Exploration Permit.
The area of land covered by the relevant Exploration Permit is contiguous to land covered by GOA's Exploration Permits nos. 8795 & 9438, north of the town of Croydon.
GOA will update the Market with its exploration plans for the Exploration Permit to be acquired from Global in the coming days.
ASX:GOA) is pleased to announce that it has entered into an agreement with Global Resources Corporation Limited ("Global") to acquire from Global an Exploration Permit for Minerals in the Croydon District in North Queensland.The relevant Exploration Permit is under application by Global and is expected to be granted to Global by the Queensland Department of Natural Resources and Mines in December of this year provided that there are no native title objections. In the normal course GOA would then expect the transfer of the Exploration Permit to GOA to be completed early in 2013. In consideration for the transfer GOA will issue to Global $200,000 worth of GOA shares and meet Global's costs of applying for and transferring the Exploration Permit. In addition, a 6% interest in the Exploration Permit will be reserved to Global through to completion of a bankable feasibility study at which point Global can participate in ongoing costs or be diluted.GOA will also grant Global a 1% net smelter royalty on all minerals produced from the area covered by the Exploration Permit.
The area of land covered by the relevant Exploration Permit is contiguous to land covered by GOA's Exploration Permits nos. 8795 & 9438, north of the town of Croydon.
GOA will update the Market with its exploration plans for the Exploration Permit to be acquired from Global in the coming days.
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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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