LONDON (Alliance News) - Primorus Investments PLC on Tuesday noted investee Greatland Gold PLC's USD65 million farm-in with mining giant Newcrest Mining Ltd.
Primorus owns 37 million Greatland shares, worth 1.2% of the company, meaning its stake is worth around GBP900,000.
Greatland earlier Tuesday said it had signed a USD65 million farm-in agreement for the Havieron gold-copper project in Western Australia.
The intention is that, provided the exploration programme succeeds and a feasibility study is positive, ore from the Havieron joint venture will be toll processed at Newcrest's Telfer gold mine.
Newcrest has a right to buy 70% of the 12 blocks that cover Havieron, spending up to USD65 million and completing exploration and development milestones over six years.
Primorus was 16% higher at 0.12 pence per share Tuesday, and Greatland shares were 28% higher at 2.35p.
Greatland Gold (GGP)
Primorus Inv. (PRIM)