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Great Southern Mining – Confirms takeover of tenements from LSE listed Strategic Minerals’ subsidiary

  • September 18, 2018 09:00 AM AEST
  • Team Kalkine
Great Southern Mining – Confirms takeover of tenements from LSE listed Strategic Minerals’ subsidiary

The tenements purchase contract that the Great Southern Mining first entered into on 3 September 2018 has been reported to be completed last week. Australia-based mineral exploration company Great Southern Mining Limited recently announced the completion of agreement to acquire 100% interest in tenements identified as gold targets for total consideration of $145,000. The seller is Central Australian Rare Earths Pty Ltd (CARE), a wholly owned subsidiary of London stock exchange listed Strategic Minerals plc.

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The consideration is decided to be paid in two tranches one $50,000 of non-refundable deposit, already been paid by the company on the execution of definitive agreement, and the remaining $95,000 in cash and shares on the completion of the transaction.

The gold explorer said that in the settlement of final payment, balance of purchase price will be paid within one month. This will include the cash payment of $50,000 and issuance of 1,000,000 GSN shares to CARE at an issue price of $0.045 per share. However, the issue will remain subject to the company’s voluntary escrow agreement for 500,000 GSN shares not be sold prior to 30 December 2018 and the balance 500,000 not be sold before 30 June 2019.

With the acquisition of gold-related tenements from CARE, GSN increases its holding in the Laverton region by circa 51 square kilometers along with securing exploration ground immediately to the south of its existing Mon Ami Prospect located in Western Australia. [optin-monster-shortcode id="wxhmli4jjedneglg1trq"]

In the quarterly activity report for the three month ended 30 June 2018, the company reported the strong drilling results from its Mon Ami Project, completing 40 reverse circulation holes for gold mineralization. Along with this the company has also been granted with black mountain (EPM 26810) to commence exploration at Edinburgh Park gold-silver-copper project in Northern Queensland.

While the company has successfully raised $410,000 in April 2018, it has announced the further share placement of $1.275 million in support of drilling campaigns at Mon Ami Project and exploration at Edinburgh Park Project. Cash in the bank at quarter end was $748,423.

Confirming the acquisition of CARE’s gold tenements, Great Southern Mining’s share price jumped 5.2365% to trade at $0.040 on 18 September 2018. The stock has seen a performance change of +90% over the past one year but it has been observed that during the last three months stock performance has plunged by 19.15%.

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