The Cargo Project is situated 12 kilometres west of Newcrest Mining Ltd’s (ASX:NCM) Cadia Valley gold-copper mining operations, in a similar geological setting.
On 31 October, Golden Cross entered into an agreement with AEI and an initial deposit payment of $150,000 has been received.
The balance is payable in staged payments related to various stages in the approval process for the transfer of the project tenement to AEI.
Golden Cross and AEI are working towards completion of the transaction by early 2017.
The funds obtained from the transaction will be applied to Golden Cross’ ongoing exploration of its remaining exploration portfolio.
This includes the Copper Hill Porphyry Copper-Gold Project in New South Wales, located 50 kilometres north of the Cadia Valley Project, which is one of Australia’s largest producing gold mines.
Golden Cross Resources raises funds from Cargo Project divestment
Published: 08:30 02 Nov 2016 AEDT