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Golden Mile to acquire Yuinmery gold exploration license

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Golden Mile to acquire Yuinmery gold exploration license

Golden Mile Resources Ltd. said Aug. 21 that it entered into a binding purchase agreement with Legend Resources Pty. Ltd. to acquire a 100% interest in the Yuinmery gold project exploration license 57/1043 in the Youanmi gold mining district of Western Australia.

It will issue 1.0 million fully paid shares to the vendor along with 1.0 million options, with each exercisable at 10 Australian cents within three years, and A$25,000 cash.

Legend will also retain a 0.5% net smelter royalty over products derived from the tenement as well as prospector rights over the tenement to prospect for gold to a maximum depth of 1 meter.

The exploration license was granted Oct. 11, 2016, for a five-year term.

The acquisition will boost Golden Mile's portfolio in Western Australia, which includes the Quicksilver, Leonora East and Ironstone Well projects.