Kingsgate Consolidated Limited (ASX:KCN) Receives FIRB Approval For Combination With Dominion Mining Limited (ASX:DOM)
Sydney, Dec 23, 2010 AEST (ABN Newswire) - Kingsgate Consolidated Limited (
ASX:KCN) (PINK:KSKGF) (Kingsgate) announces it has received confirmation from the Foreign Investment Review Board (FIRB) that it has no objections in terms of the Government's foreign investment policy to the proposed schemes of arrangement with Dominion Mining Limited (ASX:DOM) (PINK:DMNOY) (Dominion), announced to the Australian Securities Exchange on 20 October 2010.
The FIRB approval comes after a process which has included review by the Department of Defence, given that Dominion's main asset, the Challenger Gold Mine, is located within the Woomera Prohibited Area.
Commenting on the confirmation, Kingsgate's Chairman, Ross Smyth-Kirk said, "The FIRB approval was a key milestone in implementing Kingsgate's proposed combination with Dominion. Execution of the transaction remains on schedule, and we look forward to Dominion shareholders being given the opportunity to vote on the combination on 2 February 2011".
About Kingsgate Consolidated Limited
Kingsgate Consolidated Limited (ASX:KCN) (OTCMKTS:KSKGF) is an experienced pacific rim gold producer and highly successful ASX listed gold company with significant expertise in gold exploration, development and mining.
Kingsgate owns and operates the Chatree Gold Mine in central Thailand and the Nueva Esperanza Development Project, located in the highly endowed Maricunga gold and silver belt of the Atacama Region of northern Chile.
The Chatree Gold Mine is a world class gold producing asset, with a proven operating history, with 1.8 million ounces of gold and 10 million ounces of silver produced between 2001-2016.
Chatree is a large scale, low-cost, open pit operation with a combined +5 Mtpa processing capacity across two plants, with existing Life of Mine supporting a ~9 year mine life based on 1.3m oz gold reserve.
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