Evolution Mining announced that it has acquired a 19.9% stake in Tribune Resources for a cash consideration of A$41.3m ($29.5m).
Tribune’s major asset is the company’s interest in the East Kundana mining operation which is a joint venture between Northern Star Resources Limited (51% and operator), Rand Mining Limited (12.25%) and Tribune (36.75%). The East Kundana Joint Venture (EKJV) tenements are adjacent to Evolution’s 1.7million tonnes per annum Mungari processing plant, which is located approximately 20km west of Kalgoorlie in Western Australia.
As at 30 June 2018 the EKJV tenements (100% basis) hosted a Mineral Resource of 10.54Mt grading 6.1g/t for 2.06Moz Au and Ore Reserves of 6.15Mt grading 6.3g/t for 1.24Moz Au1.
Tribune also has a 44.2% shareholding in Rand Mining Limited.
Source: Company Press Release