14 Mar Keras Resources ink 215,000oz gold tribute deal
Keras Resources (LSE:KRS) has signed a gold tribute deal with KalNorth Gold Mines (ASX:KGM) to bring its potential gold resource inventory to over 500,000 ounces of gold.
Keras announced a profit share agreement with KalNorth for the Lindsay’s project, Western Australia, which already includes a resource of 215,000 ounces at 1.7 grams per tonne.
The Australian gold miner has been granted an exclusive option to mine the 100 per cent KalNorth-owned project.
“We will now start work on revising the proposal to mine with a view towards commencing open pit production from this area in Q3 2016 to add to planned production from Grants Patch and Wycheproof,” said MD Dave Reeves.
“I look forward to working closely with KalNorth on this operation in what is a mutually beneficial agreement for both companies.”
The Lindsay’s project lies about 60km north east of the Grants Patch Gold Tribute Project, where Keras is on track to begin initial mining in the very near term.