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Ausgold to acquire Chalice's Dumbleyung gold project

Ausgold Ltd. has struck an all-scrip deal to acquire the Dumbleyung gold project in Western Australia from Chalice Gold Mines Ltd.

The Dumbleyung project, which comprises four exploration licenses covering 461 square kilometers, lies adjacent to Ausgold's Katanning gold project.

To settle the deal, Ausgold said June 6 that it will issue 15 million shares and 10 million options to Chalice, exercisable at 3.5 Australian cents each within two years, and Chalice will retain a 2% net smelter royalty for the Dumbleyung project.

Chalice has also agreed to subscribe for 40 million Ausgold shares at 2.5 cents each, providing Ausgold with A$1.0 million in cash.

The money will be used to fund exploration at the Katanning project and provide additional working capital.