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RNC says Beta Hunt attracting interest following recent gold discovery

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RNC says Beta Hunt attracting interest following recent gold discovery

RNC Minerals' Beta Hunt gold mine in Western Australia is attracting a "tidal wave of interest" from prospective buyers following the company's recent major discovery at the site, The West Australian wrote Sept. 10, citing CEO Mark Selby.

The company restarted the potential sale process for the mine amid massive interest in the asset. RNC abandoned its exclusive talks with a preferred bidder, said to be North American, for the possible sale of Beta Hunt after reporting a high-grade gold discovery.

The discovery includes a 95-kilogram specimen containing an estimated 2,440 ounces of gold and a 63-kilogram specimen containing an estimated 1,620 ounces.

The company produced around 9,250 ounces of gold from a 44 cubic meter cut on the 15 level at the mine, equal to over 70 ounces per tonne. Final ounces will be determined once the coarse gold is processed or sold, which is expected to yield around C$15 million.

"We're going to look at all the alternatives in terms of whether we look to raise capital at the mine level, whether we look at spinning it out publicly, whether we look at joint venturing with another mining company — this allows all options to be on the table for us," the executive added. Selby said the company is hoping to complete the process by November.

In March, the company tapped PCF Capital Group and Haywood Securities to run a strategic-alternatives process for Beta Hunt, including the sale of all or a portion of RNC's interest in the project. It selected a preferred bidder for the asset in July.