Ramelius Resources announced that it has completed the acquisition of the Marda gold project in Australia.
Following receipt of Federal Court approval to transfer the shares of Black Oak Minerals Limited (Administrators Appointed) to Ramelius on 31 January 2019, Ramelius subsequently paid the final consideration of $11.0 million, marking completion of the transaction.
ABOUT THE MARDA GOLD PROJECT
Marda is located 191km north-northeast of Ramelius’ Edna May operations and represents a shear-controlled gold system within trucking distance of Edna May.
Work on development studies will now be finalised, with results to date demonstrating that utilising Marda as a satellite ore source to supply high-grade feed will extend mine life and maximise the value of existing infrastructure at Edna May.
Ramelius’ Managing Director, Mark Zeptner,today said: “The successful acquisition of the Marda Gold Project secures additional high-grade ore within trucking distance of the Edna May processing facility, reinforcing Ramelius’ commitment to growth, and well and truly establishing Edna May as a new production hub.
“The team is already working on bedding down Marda as an additional ore source to enhance the value of operations at Edna May, with integration expected to commence by the middle of the calendar year.”
Source: Company Press Release