Tri­bune ac­quires high-grade gold pro­ject

The Australian Mining Review - - NEWS: INTERNATIONAL - AMY BLOM PHILIP­PINES

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.”

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