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(Alliance News) - Panther Metals PLC said Monday it has acquired the Merolia Gold Project near Laverton, Western Australia from White Cliff Minerals Ltd.
The mineral exploration company focused in Canada and Australia will purchase tenements E38/2552, E28/2693, E38/2847 and E39/1585, collectively referred to as the Merolia Gold Project. Panther Metals said AUD112,500 is to be paid on completion of due diligence.
A share-based payment of 734,470 ordinary shares will be issued to WCN, with 50% of the shares subject to a six-month lock-in and the remaining 50% subject to a 12-month lock-in.
Darren Hazelwood, CEO of Panther Metals, said: "Our proposed entry into the Western Australian goldfields, and specifically this highly prolific gold producing Archean Greenstone belt near Laverton represents a major step forward for the Company. The Project represents a post-discovery opportunity and our plans will now focus on building a resource in this area, which could ultimately be fed into one of many processing plants in the vicinity. The Project also has the added advantage of year-round access, is well-serviced by excellent infrastructure and a skilled work-force.
"Panther Metals has spent a considerable amount of time seeking out exactly this type of project in Western Australia and I look forward to updating the market in due course as we enter a due diligence process."
Shares in Panther Metals ended down 1.7% at 11.70 pence in London on Monday.
By Zoe Wickens; zoewickens@alliancenews.com
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