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Orminex partner secures right to lease Burbanks gold mill, option to buy half

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Orminex partner secures right to lease Burbanks gold mill, option to buy half

Orminex Ltd. said Jan. 14 that partner GBF Mining Pty. Ltd. secured a right to enter into a 12-month lease on the Burbanks gold mill in Western Australia with an attached option to buy 50% of the property.

GBF Mining, which manages underground mining at the company's 51%-owned Comet Vale gold mine, signed a binding term sheet for the deal with Maximus Resources Ltd. in late 2018. The mill forms part of the Spargoville operations.

Orminex and GBF Mining formed an alliance in early 2018, before Mintails changed its name to Orminex and relisted, to focus on gold development in Australia and New Zealand.

Orminex also reported that a second gold pour was achieved at Comet Vale after processing another 5,000 tonnes of ore, and the next processing campaign is planned for February.

The Burbanks mill has a capacity of about 200,000 tonnes per year, sufficient to process all of the Comet Vale ore once the mine is in full production, with any surplus to be used for other projects in the region. Burbanks processed the first campaign from Comet Vale on a toll-treatment basis in August 2018, which resulted in 202 ounces.