Intermin had agreed to terminate the joint venture and divest its 100% interest in the exploration license to Saracen on the following terms:
• Payment to Intermin of $250,000 in cash on execution;
• Payment to Intermin of $2.25 million in cash on completion;
• A 2.5% net smelter royalty that is payable by Saracen once Saracen has produced 42,000 ounces of gold from the transaction tenements, and ending once Saracen has produced 100,000 ounces; and
• Intermin and Saracen to be released from any rights and obligations under the joint venture agreement.
All condition precedent including the provision of signed transfers, all mining information and statutory consents have now been completed and the final payment of $2.25 million received from Saracen.
Last week, Intermin received assay results featuring 13 metres at 4.10 g/t gold from 65 metres at its Binduli Project near Kalgoorlie in Western Australia.
Drilling is part of the 55,000-metre program that commenced in February 2018 focussed on new discoveries and resource extensions across its multiple projects in the Kalgoorlie region.