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Dampier buys 80% of 2 gold exploration projects in Western Australia

Dampier Gold Ltd. said Jan. 7 that it acquired 80% of the Menzies and Goongarrie exploration projects located 100 kilometers north of Western Australia's Kalgoorlie gold mining district.

The company issued 10 million shares and paid A$20,000 to vendors Magnum Mining and Exploration Ltd. and Discovery Capital Ltd.

After Dampier spends A$300,000 on each of the tenements, the vendors can elect to contribute their 20% pro-rata share on all future expenditure or receive a 2% gross royalty on either of the projects.

Dampier said it expects to explore both projects in the coming field season, with drill targets by the end of the June quarter.