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Eastern Goldfields to acquire Heron's Siberia gold tenements

Eastern Goldfields Ltd. on Jan. 23 said it signed an agreement with Heron Resources Ltd. and its Ardea Resources Ltd. spinoff to acquire the title and mining rights to the gold tenements within Heron's Siberia property in Western Australia for A$100,000 plus certain royalty payments.

Heron will retain the title and mining right over Siberia's nickel tenement and, while Ardea is acquiring the nongold rights over the property, Eastern Goldfields will be responsible for paying the rates and taxes on the Siberia gold tenements and for keeping the tenements in good standing.

Eastern Goldfields will pay Heron a 1.5% royalty on the gross revenue from gold production on any of the Siberia tenements, capped at 150,000 ounces of gold, along with A$1 million in cash or shares if Eastern Goldfields declares a gold mineral reserve of over 100,000 ounces of gold for the tenements.

The deal will increase Eastern Goldfields' landholding in the area by over 5,686 hectares.