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Southern Gold secures 90% earn-in option over Glandore gold project from Aruma

Southern GoldLtd. said April 4 that it secured an option to earn up to a 90%interest over 14 mining tenements, covering about 28.7 square kilometers,comprising the most prospective part of the Glandore gold project in Western Australia,from Aruma ResourcesLtd. subsidiary ArumaExploration Pty. Ltd.

According to the binding legal agreement, the company willmake staged exploration expenditure of A$1.2 million within three years tosecure the tenements, which are located immediately east of its project.

Southern Gold expects the exploration target size to be500,000 tonnes to 2,500,000 tonnes with grades between 2.4 g/t of gold and 3g/t of gold.

The company is required to pay A$100,000 in cash within 10business days of April 1.

Once Southern has earned a 90% interest in the tenementpackage, Aruma can choose to retain or sell its 10% interest, or convert its10% interest into a 1.25% net smelter return style royalty on all productsderived from the then tenement package.