Crater Mountain - Increase in Interest to 90%
Sydney, April 17, 2012 AEST (ABN Newswire) - Gold Anomaly Limited (
ASX:GOA) currently has an 80% interest in its flagship Crater Mountain Gold Project in PNG ("Project") through its PNG subsidiary company Anomaly Limited ("Anomaly").
In November 2010 GOA entered into an agreement ("Agreement") with New Guinea Gold Corporation (CVE:NGG), subject to the approval of the PNG Minister of Mines, for Anomaly to acquire NGG's 10% interest in the Project in exchange for the issue of 31.25 million shares in GOA. The acquisition of NGG's 10% interest would take GOA's Project interest to 90%.
Subsequently GOA advised that there had been a dispute with NGG as to the status of the Agreement and NGG's obligation to transfer the 10% Project interest to Anomaly. The dispute has been resolved. GOA has issued 31.25 million shares to NGG and the transfer of NGG's 10% Project interest to Anomaly is with the Department of the PNG Minister of Mines awaiting the Minister's approval. Subject to receiving that approval GOA's interest in the Crater Mountain Project will increase from 80% 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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