Power Metal Resources PLC - London-based metals exploration company focused in North America, Africa and Australia - and Red Rock Resources PLC - London-based natural resource development company with interests in Africa and Australia - Acquires licence for the Berringa gold mine in Victoria, Australia via their subsidiary of their subsidiary Red Rock Australasia Pty Ltd.
Red Rock Resources owns 50.1% of New Ballarat Gold Corp, with Power Metal Resources owning the remaining 49.9%. Red Rock Australasia Pty is a 100% owned subsidiary of New Ballarat Gold Corp. Sum is AUD500,000, with an additional royalty payment of AUD1.5 million the companies pay to the undisclosed vendor over the license.
Vendor is undisclosed. "The historic Berringa Gold Mine adds to 1,832 square kilometres of already granted licence footprint in the Victoria Goldfields, and complements another former high-grade gold mine within the joint venture footprint, Ajax, which has recorded historical production of 312,789 ounces of gold at an average grade of 14.8 grammes per tonne," says Power Metal Chief Executive Officer Paul Johnson.
Current Power Metal Resources stock price: 0.94 pence, up 10% on Wednesday
12-month change: down 57%
Current Red Rock Resources stock price: 0.36 pence, down 5.3 on Wednesday
12-month change: down 58%
By Tom Budszus; tombudszus@alliancenews.com
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Power Metal (POW)
Red Rock Resources (RRR)