St Clair Option Extended Until 30 June 2019
Youanmi Gold Mine Update
Perth, Jan 2, 2019 AEST (ABN Newswire) - Reference is made to the ASX release made by Venus Metals Corporation Limited (
ASX:VMC) ("Venus") on 28 May 2018 in relation the 2 option agreements that enable Venus to purchase the historical Youanmi Gold Mine (MLs) and all associated infrastructure and the mine village.
One of the options is with St Clair Resources Pty Ltd ("St Clair") which has brought forfeiture applications (or plaints) in the Warden's Court over the tenements. This option gives Venus the right to call upon St Clair to withdraw the forfeiture applications.
Venus is pleased to advise that it has paid $50,000 to St Clair to extend the option period until 30 June 2019, which brings it in line with the option period under the other option, which is to purchase all the shares in Oz Youanmi Gold Pty Ltd.
Venus additionally advises it has completed its due diligence and evaluation of the Youanmi Gold Mine and is currently assessing several different strategies/proposals for the potential settlement of the transaction by 30 June 2019.
About Venus Metals Corporation Limited
Venus Metals Corporation Limited (ASX:VMC) is a West Australian based Company with a focus on gold, base metals, vanadium and lithium exploration projects. The Company aims to increase shareholder value through targeted exploration success on its projects.
The Company's major gold project is the Youanmi Gold Mine, located 500km north-east of Perth. The Youanmi Gold Mine is now jointly owned by Venus Metals (30%) and Rox Resources Limited (70%); Indicated and Inferred Resource of the mine is in excess of 3 million ounces of gold.
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