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Doray Minerals to divest Andy Well gold project for A$10M, sign Gnaweeda JV deal

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Doray Minerals to divest Andy Well gold project for A$10M, sign Gnaweeda JV deal

Doray Minerals Ltd. has signed a binding agreement to divest its Andy Well gold project in Western Australia to Galane Gold Ltd. unit Galane Australia Pty. Ltd.

Galane will pay a total of A$10 million in cash and shares by Sept. 29, 2020, for the acquisition.

Meanwhile, Galane also secured the right to earn into the nearby Gnaweeda gold project through staged expenditure commitments.

The companies are negotiating a binding farm-in and joint venture deal, according to the Oct. 5 release.

The Andy Well deal is conditional on execution of a joint venture agreement for Gnaweeda and updating the mine closure plan for the Andy Well project.

In July 2017, studies on the potential of combining the Andy Well mine and the Gnaweeda project in a single operation revealed shortcomings with the move. As a result, Doray decided to shorten Andy Well's mine plan and place the operation on care and maintenance at the start of November 2017.