viewAusmex Mining Group Ltd

Ausmex Mining to recommence trading after $4 million project sale

The $4 million sale price will generate valuable funding for Ausmex if the sale proceeds.

Ausmex Mining Group Ltd - Ausmex Mining to recommence trading after $4 million project sale
The sale is subject to due diligence being completed by the purchaser

Ausmex Mining Group Ltd (ASX:AMG) has executed a binding term sheet for the proposed sale of its Gilded Rose Project near Cloncurry, Queensland for $4 million.

A $100,000 non-refundable option fee to conduct due diligence enquiries has been received.

The next $2.4 million payment, which is due by 15 November 2019, is subject to the completion of due diligence being completed by the purchaser.

An additional $1.5 million will be paid after the first 10,000 ounces of gold is produced from the project.

The project is being acquired by Jin Resources (HK) Limited, who aims to fast-track gold production at the project.

Ausmex shares have been in a trading halt since last Wednesday pending the release of this proposed sale information.

Sale proceeds to fund exploration and development

Funds will be used to continue to define a JORC resource within the Mt Freda Complex and progress the Golden Mile mining lease application in Cloncurry, Queensland.

Mt Freda is a historical open-pit gold mine area that operated from 1986 to 1989.

Notably, mining at Mt Freda stopped when gold fell to US$260 per ounce, a fraction of today’s price.

Recently Ausmex defined an exploration target of 19-30 million tonnes grading 1.7-3.4 g/t gold for its Cloncurry tenements.

Funds will also be used towards a maiden drilling program at the Burra Copper and Gold project in South Australia.

Quick facts: Ausmex Mining Group Ltd

Price: 0.04 AUD

Market: ASX
Market Cap: $21.11 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Ausmex Mining Group Ltd named herein, including the promotion by the Company of Ausmex Mining Group Ltd in any Content on the Site, the Company...



Ausmex Mining Group begins drilling for massive sulphides at Mt Freda in QLD

Ausmex Mining Group Ltd (ASX:AMG) managing director Matt Morgan updates Proactive Investors on the company's 15,000-metre drilling program now underway at its Mt Freda Complex in Cloncurry, QLD.   Morgan says that the program will include both reverse circulation and diamond...

on 13/5/19

2 min read