Intermin Signs Exclusivity Deed for potential acquisition
- A deferred payment structure has been proposed totalling A$40 million payable in cash and shares over a 3.5 year period
- The five month exclusivity period allows the parties the opportunity to finalise formal transaction documentation and secure necessary approvals for the potential acquisition
- Intermin's entry into the Exclusivity Deed was consented to by MacPhersons Resources Limited ("MacPhersons")
Commenting on the rationale for the Company's interest in acquiring the Coolgardie Gold Project, Intermin Managing Director Jon Price said:
"The potential consolidation of the Intermin and MacPhersons assets with the Coolgardie Gold Project would be a natural fit, delivering additional high grade open cut and underground ore sources to the base load Boorara Project and Intermin's satellite projects, as well as a conventional 1.2Mtpa processing facility."
"We look forward to working with MacPhersons and Focus on progressing these transactions and embarking on an exciting new chapter for all shareholders and the regional communities in which we operate."
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About Horizon Minerals Limited
Horizon Minerals Limited (ASX:HRZ) 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.
Horizon 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.
Horizon 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.
Horizon Minerals Limited
Focus Minerals Ltd