Artemis Resources Ltd. has increased the size of its Nickol River gold project in Western Australia and fast tracked itself toward production with a two-year deal to mine gold and precious metals on five mining leases.
Chairman David Lenigas said Jan. 25 that the new mining leases were actively being mined and producing gold in the 1980s until being sold and closed. Artemis will resume mining on the leases.
"The new mining leases sit in the heart of our Nickol River acreage and this exclusive gold extraction deal will allow us to look for ways to fast track gold production from our Nickol River gold project by a few months whilst we are gaining the necessary approvals to develop Artemis' own leases," Lenigas said.
The company signed a binding agreement with D & K Corps Investments Pty. Ltd. that grants it the exclusive right to explore, mine, process and sell gold and precious metals from the tenements, which cover 127 hectares.
In exchange, D & K will receive 100 million Artemis shares and 10% gross of all physical gold and precious metals recovered by weight from the tenements.
The new mining leases have approved heritage surveys and water extraction rights.
Artemis plans to build a 150-tonne-per-hour gravity gold plant at the Nickol River project.
First production is slated for the second quarter of this year.