Crater Mt Project - Increase in Interest to 80%
Sydney, Jan 27, 2012 AEST (ABN Newswire) - Two of Gold Anomaly Limited's (
ASX:GOA) wholly owned subsidiary companies are parties to a Joint Venture Agreement ("the JVA") with Triple Plate Junction Plc ("TPJ") and TPJ's subsidiary company in respect of the Crater Mountain Project in PNG ("Project"). The Company's wholly owned PNG subsidiary Anomaly Limited ("Anomaly") has previously satisfied the requirements to become registered as the 70% owner of the tenements comprising the Crater Mountain Project.
TPJ has now indicated to the Company that it has elected to not contribute further to Project funding. Therefore TPJ's and its minority partner Celtic Minerals' combined interest in the Project will dilute to a 10% free carry interest to completion of a bankable feasibility study on potential development. This means that, combined with the abovementioned 70% interest, Gold Anomaly Limited (through Anomaly) will have an 80% interest in the Project. It also means that the Company will sole fund future exploration at the Project through to completion of a bankable feasibility study on potential development. (Previously funding was provided on a 7/9:2/9 basis with TPJ).
The Company previously announced that it had also reached agreement with New Guinea Gold ("NGG") to acquire NGG's 10% free carry interest in the Project, subject to receipt of the PNG Minister of Mines' approval. The Company is still trying to ascertain the status of the approval process, however if this transaction is consummated the Company's interest in the Project (through Anomaly) will increase to 90%.
Contact
Gold Anomaly Limited
T: +61-2-9241-4224
F: +61-2-9252-2335
WWW: www.goldanomaly.com.au
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