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Thursday, 12th June 2008 (1264 views)

Mutiny Gold will buy a 70 per cent interest in a western Australian gold project, it emerged today.

As part of a Farm-In agreement, Mutiny Gold will need to spend $500,000 (£257,000) on exploration and pay vendors $270,000 over the course of two years in order to attain the 70 per cent stake in the White Well project.

The exploration target at the gold project is around 80,000 to 100,000 ounces of contained gold.

Mineweb reported that: "Preliminary test work indicates the possibility of producing a concentrate with a grade of the order of eight g/t [gold]."

Mutiny's managing director, John Greeve, said that buying into the White Well project will mean a cheap entry into an already well established gold project.

Over a five-year mine life, it is estimated that the project could net up to A$30 million.

The White Well gold project is located in Murchison region of western Australia, 600 km from Perth.

 

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