Silver LakeResources Ltd. said July 15 that ACH Minerals Pty. Ltd. has exercised its option toacquire the GreatSouthern gold project in Western Australia for A$5 million, inaccordance with the companies' conditional farm-in and joint venture agreementsigned in December2015.

Under the 2015 agreement, ACH can earn up to an 80% stake inthe Great Southern project by meeting certain exploration spending commitmentsover a specified period or acquire the project on an outright basis at any timeduring the earn-in period for A$5 million.

Silver Lake expects to close the sale and receive thepayment within the quarter.

The company recently released a of 135,000ounces to 145,000 ounces for the 2017 financial year, over the 132,400 ouncessold in the prior financial year.