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ORA BANDA MINING LTD — Capital/Financing Update 2017
Jan 22, 2017
65475_rns_2017-01-22_563cd2d8-0cdf-44d5-90b7-7cc98e9af38b.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT
23 January 2017
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Acquisition of new ground at Siberia in the Eastern Goldfields
Eastern Goldfields Limited (ASX: EGS) ( Eastern Goldfields or the Company ) is pleased to announce that it has signed an agreement with Heron Resources Limited (ASX: HRR) ( Heron ) and Ardea Resources Limited ( Ardea ) whereby the Company will acquire:
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(a) 100% title[1] to the mining tenements shown on the map below ( Siberia Gold Tenements ) in return for payment of $100,000 plus payment of the royalty mentioned below; and
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(b) The gold rights in respect of the mining tenements shown on the map below ( Siberia Gold Rights Tenements ) with Heron retaining title and the nickel rights.
BOARD OF DIRECTORS
Mr Michael Fotios Executive Chairman
Mr Craig Readhead Non‐Executive Director
Mr Alan Still Non‐Executive Director
Ms Shannon Coates Company Secretary
While Ardea (as assigned from Heron) is acquiring the non‐gold rights in respect of both the Siberia Gold Tenements and the Siberia Gold Rights Tenements, Eastern Goldfields will be responsible for payment of rates and taxes on the Siberia Gold Rights Tenements and for keeping these tenements in good standing under the Mining Act.
The Company will be liable to pay to Heron (Ardea no entitlement) a 1.5% royalty on the gross revenue from gold production on any of the tenements capped at 150,000 ounces of gold plus a payment of $1,000,000 (in cash or shares, at the Company’s election) if the Company declares a gold Mineral Reserve on these tenements to the ASX of more than 100,000 ounces of gold.
The Agreement is otherwise subject to the usual terms for agreements of this nature.
ISSUED CAPITAL
Shares: 493m Options: 46.6m Current Share Price: $0.36 Market Capitalisation: $177m Cash as at 30/9/2016: $5.5m
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The Siberia Gold Tenements and the Siberia Gold Rights Tenements increases the area available to Eastern Goldfields for gold exploration by more than 5,686 hectares, which represents a significant expansion of the Company’s footprint in the Eastern Goldfields.
Investor and media enquiries
Michael Fotios
Executive Chairman T: +61 8 6241 1888 E:[email protected]
Jon Snowball
FTI Consulting T: +61 477 946 068 E: [email protected]
1 100% title apart from Beach Energy Ltd retaining a 10% interest in M24/665
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Figure 1 . Tenement location map.
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