News and Announcements
Trafford Resources o Purchase Southern Gold’s 51% Share in the Challenger Joint Venture- South Australia
- Published August 07, 2012 2:31AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Southern Gold Limited (“Southern Gold”) is pleased to announce that pursuant to a signed Letter of Intent, Trafford Resources Limited (“Trafford”) will purchase Southern Gold’s 51% interest in the Western Gawler Craton JV with Dominion Gold Operations (a 100% owned subsidiary of Kingsgate Consolidated Limited) and its 100% owned Challenger West tenement (“Challenger Project”) (Figure 1).
Under the sale terms Trafford will purchase the Challenger Project for A$500,000 cash and 3,000,000 Trafford shares (subject to a 12 month voluntary escrow period). Once a decision is made to conduct a feasibility study on a JORC resource of over 500,000oz gold, Trafford will issue a further A$1 million worth of Trafford shares to Southern Gold or its nominee.
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