$5 million Joint Venture to progress Wudinna Gold Project
Andromeda Metals has executed a binding Heads of Agreement with Lady Alice Mines Pty Ltd ("LAM") to form the Wudinna Gold Farm-in and Joint Venture over the Company's 100% owned tenements on the Eyre Peninsula of South Australia.
Under the terms of the Agreement, LAM will sole fund up to $5 million through a staged earn-in over a maximum six year period to earn up to 75% equity.
Lady Alice Mines Pty Ltd is an Australian mineral exploration group owned by interests associated with geologist David Clarke and investment banker Bruce Parncutt AO.
The deal will see a substantial increase in activity on the Eyre Peninsula Project, significantly progressing the Wudinna Gold Camp Mineral Resources towards a decision to mine.
Additionally, the Agreement will allow Andromeda Metals to focus exploration activities on its other assets including completing due diligence on the recently announced Pilbara Gold Project (WA) and advancing the prospective Drummond Epithermal Gold Project (Qld).
The Wudinna Gold Farm-in and Joint Venture, coupled with a recently completed over-subscribed placement, a planned fully underwritten Rights Issue, a restructured Board, and a new project in the exciting Pilbara region of WA, leaves Andromeda Metals well positioned to deliver shareholder value.
$5 million Joint Venture to progress the Wudinna Gold Project
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