Queensland Mining Options Gilded Rose and Mt. Freda Project to Ausmex Mining
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Queensland Mining Corporation Ltd has entered into an option agreement with an Australian company, Ausmex Mining Pty Limited with the view to develop the company’s non-core gold assets into a production operation in the near future. Gilded Rose and Mt Freda and related non-core assets in the area are subject to this option agreement.
This option agreement allows Ausmex to partake in our non-core assets including Gilded Rose, Mt Freda and Evening Star under a staged program and joint venture (Ausmex - 60 percent & QMC - 40 percent). Ausmex’s program includes a stock exchange listing and capital raising to fund the development in gold production and further exploration activities.
Ausmex will fund 100 percent of the holding, development, production and exploration costs associated with the venture during the option period and the joint venture period.
Ausmex also has the option to purchase certain non-core exploration tenements from QMC for $500,000 within the option period.
Gilded Rose and Mt Freda already have total resources of approximately 108,400 ounces of gold with further potential for expansion which we believe can be converted into a cash flow operation within a short period of time and with manageable capital expenditure. Furthermore, Gilded Rose has a mothballed facility on site with plant and machinery which may be brought into operation subject to further feasibility study and modification.
This joint venture outcome will allow QMC to continue its prime focus on its core asset which is the White Range Copper Gold project with the view to realize its major value for the shareholders and at the same time to realize added returns to QMC.
About Queensland Mining
Queensland Mining Corporation Limited (QMC) is an emerging, ASX listed junior mineral resources company focused on developing gold and copper projects in the Cloncurry region of Queensland. The basic strategy has been the identification and procurement of mining leases and assessment of them by management and leading industry engineers to ascertain the prospective value.
To stop by Queensland Mining’s website, CLICK HERE
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