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Pantoro to secure full ownership of Halls Creek gold project

Pantoro Ltd.,formerly Pacific NiuginiLtd., said May 2 that it has reached an agreement to acquire Bulletin Resources Ltd.'s 20% interest in the gold project inWestern Australia.

The project, which includes the high-grade Nicolsons mine andprocessing plant, is currently 80%-owned by Pantoro.

The company will issue 130 million ordinary shares to Bulletin,which will distribute 70%, or 90 million shares, to its shareholders within 60 days.

Bulletin will pay its 20% share of all costs on the project upto and including April 30.

Under the all-scrip deal, the majority of shares issued willbe distributed in-species to Bulletin shareholders.

Pantoro will assume Bulletin's obligations under the financingfacility with the Commonwealth Bank of Australia, which is a 1,376-ounce gold pre-paymentfacility and a 3,504-ounce gold hedging facility.

Both parties will be protected from gold price movements withmarked-to-market gold price adjustments when the hedges are delivered, distributedto both parties on a 50/50 basis.

Bulletin will receive 20% of the bullion poured up to and includingMay 1, following which Pantoro will take economic ownership of the project on awalk-in walk-out basis.