Completion of Lehmann's Well Gold Project Divestment
As announced to the ASX on 7 November 2018, the Company agreed to terminate the joint venture and Intermin has agreed to divest its 100% interest in the exploration license to Saracen on the following terms:
- Payment to Intermin of A$250,000 in cash on execution.
- Payment to Intermin of A$2.25 million in cash on completion.
- A 2.5% Net Smelter Royalty that is payable by Saracen once Saracen has produced 42,000 ounces of gold from the transaction tenements, and ending once Saracen has produced 100,000 ounces from the transaction tenements.
- Intermin and Saracen to be released from any rights and obligations under the joint venture agreement.
All condition precedent including provision of signed transfers, all mining information and statutory consents have now been completed and the final payment of A$2.25 million received from Saracen.
About Intermin Resources Limited
Intermin Resources Limited (ASX:IRC) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.
Intermin is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.
Intermin has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.
Intermin Resources Limited