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Marmota Energy to acquire 3 gold tenements in South Australia

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Marmota Energy to acquire 3 gold tenements in South Australia

Marmota EnergyLtd. said April 14 that it will acquire a 100% interest in three gold-prospectivetenements, covering over 800 square kilometers, around the Challenger gold mine in South Australia.

The company will issue 1 million shares to a private party toacquire EL 5087, 5088 and 5527.

The acquisition is subject to approval by the South Australiangovernment.

In November 2015, Marmota offered A$2 million to the Challenger mine's then owner,Kingsgate Consolidated Ltd.,but the project was soldto a 50/50 joint venture between WPGResources Ltd. and DiversifiedMinerals Pty. Ltd.