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Lorikeet to acquire up to 80% stake at White Cliff's Ironstone gold project

White Cliff Minerals Ltd. said Aug. 12 that it executed an agreement with Lorikeet Resources Pty Ltd. wherein the latter may acquire an up to 80% interest in tenement E38/2693, or the Ironstone gold project, within the Merolia project.

Lorikeet, which agreed to pay an option fee of A$15,000 in cash, may earn 50% interest in the tenement by defining inferred resources of 75,000 ounces of gold within three years, and an additional 30% interest by defining indicated resources of 100,000 ounces of gold within five years.

Lorikeet shall shoulder the exploration and development expenses prior to decision to mine. Following a decision to mine, While Cliff may choose to contribute to a portion of the expenses associated with the development, or give notice opting to dilute its participating interest to a 3% net smelter royalty on all minerals extracted and sold from the tenement.