10th May 2012
PERTH (miningweekly.com) - Copper and gold miner Oz Minerals on
Thursday reported that it had completed the sale of its Cambodian assets
to Renaissance Minerals for A$17.8-million, payable in a mixture of
cash, shares and options.
“We are pleased to finalise the sale of the Cambodian assets to
Renaissance. While these assets were not a strategic fir within the Oz
Minerals portfolio, we believe that they are well suited to Renaissance,
which is looking to explore further and hopefully develop these assets
for the benefit of all stakeholders,” said Oz Minerals MD and CEO Terry Burgess.
The Cambodian gold projects cover some 1 100 km2 within the eastern
region of the country and have a Joint Ore Reserves Committee indicated
and inferred resource estimate of 12.6-million tons, at 1.8 g/t gold for
729 000 oz of gold.
Oz Minerals now held some 26.4-million shares in Renaissance as well as a further three-million options.
Renaissance said on Thursday that with the completion of the
acquisition, the company has immediately started drilling on the
existing Okvau gold deposit. Renaissance currently has one diamond drill
rig on site undertaking drilling to expand the current resource.
“This is a company-making acquisition for Renaissance. The company has
now secured a project with 729 000 oz gold resource defined within a
single deposit along with multiple drill-ready prospects that offer
exceptional exploration potential in an emerging new gold district,”
said MD Justin Tremain.
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