Terrain Minerals has offloaded its Great Western gold project near Leonora to ASX-listed Red5 under an option agreement that will see Terrain receive $2.2 million worth of Red5 scrip. The company has already pocketed $300k from Red5, who purchased the option for the Great Western project in November last year. Terrain will use the funds to launch exploration programs at its Wild viper and Smokebush projects.
Goldminer Red 5 is raising $125 million from a two-tranche share placement to fund the final feasibility study for its King of the Hills gold mine in Western Australia.
Saracen Mineral Holdings has sold its 10.5 per cent interest in Red 5 for $39 million, completed through a book build process at 30 cents per share prior to the ASX market open today.
Terrain Minerals has optioned up its Great Western Gold project near Leonora for potential sale to ASX-listed Red5 for $2,500,000. The Great Western gold project is situated on a granted mining lease and contains a 63,000-ounce resource. Terrain will retain its Wild Viper project, which fully envelopes the Great Western project. The sale of Great Western will see Terrain cashed up and on the hunt for new projects.
Resource Development Group has announced plans to acquire a 30 per cent stake in a gold project from Bullseye Mining, which is currently the subject of a takeover offer and board spill.
Three Western Australian gold miners have outlined their growth plans, with Saracen Mineral Holdings announcing a 20 per cent increase in reserves, Northern Star Resources unveiling a $60 million exploration budget, and Red 5 targeting annual production of more than 100,000 ounces.
Gold miner Silver Lake Resources has posted above-guidance sales for the year to June, while Red 5 says it is on track to meet its production forecast for the 2018 calendar year.
Black Mountain Resources Limited is pleased to update shareholders on the following restructure initiatives that have been agreed to by the Company and its major lender, Richmond Partners Masters L
Gold junior Red 5 has announced a hostile $4 million takeover bid for unlisted public company Bullseye Mining, which owns tenements near Red 5's Darlot gold mine.
Gold junior Red 5 has flagged a further $30 million impairment charge against its Siana gold project in the Philippines, on top of a $70 million write-down on the asset in March.
Red 5 has struck agreements to buy Gold Fields' Darlot mine and Saracen Mineral Holdings' King of the Hills mine for a combined $34 million in cash and shares.
Gold miner Red 5 has revealed the financial extent of having to temporarily shut down its Siana mine operations, today flagging a $70 million impairment in its half-year accounts.
Gold miner Red 5 will be forced to put its Siana operations on temporary standby by the end of the month after running into regulatory delays for construction of new infrastructure.
Perth-based gold stocks Blackham Resources and Red 5 are a step closer to commencing major new developments after completing feasibility studies and receiving final approvals.
Local gold miner Red 5 says an earthquake registering 6.1 off the coast of Surigao del Norte was a possible contributing factor to the collapse of a wall into the open pit of its Siana project in the Philippines last week.
Philippines-focused gold miner Red 5 has promoted non-executive director Mark Williams to managing director, following the resignation of Steve Norregaard from the role.
West Perth-based gold miner Red 5 has cleared a key regulatory hurdle on the way to resuming production at its mothballed Siana gold mine in the Philippines.
In the first of a quarterly series on executive remuneration, we find that listed companies of all sizes have started cutting chief executive salaries but are still designing packages that offer plenty of upside.
West Perth-based Red 5 has secured funds for its Siana gold project in the Philippines, having completed a $45 million capital raising and secured a $US40 million ($A43 million) financing facility.
Red 5 Ltd 27-Jul-05 Mathews Capital Partners Sabre Fund became a substantial shareholder with a relevant interest of 15,507,964 ordinary shares (6.2%).
