Tribune acquires high-grade gold project
AUSTRALIAN gold producer, Tribune Resources, has acquired Singapore-based Prometheus Developments as part of its bid to transform the company into a significant mining house.
Prometheus has rights over the high-grade Diwalwal gold exploration project on Mindanao in the Philippines.
As part of the acquisition, Tribune Resources, a partner in the East Kundana mine in WA’s eastern goldfields, would purchase 5.5 million shares at deemed issue price of $4.50 for a total consideration of $24.75 million.
According to Tribune, Prometheus had defined an exploration target that would be the focus of an extensive drilling program by Tribune in 2019 with the intent to establish a maiden mineral resource estimate.
Tribune director Gordon Sklenka said Diwalwal “ticked all the right boxes and represented an excellent investment opportunity for the company and its shareholders.
“Having a strong balance sheet and income from the East Kundana joint venture has allowed us to assess meaningful acquisitions where we will be able to transform the company into a significant mining house,” Mr Sklenka said.
“Diwalwal ticks all the right boxes for us in terms of adding value for shareholders.
“The project has secure tenure, excellent grades, prospective geology and the potential for the delineation of a very large gold deposit.”