Evolution Mining commits to Stage 2 of Drummond Gold Project Joint Venture
Drummond Gold Project Joint Venture partner Evolution Mining Limited has advised ADN that it will proceed to Stage 2 under the terms of the Earn-in and Exploration Joint Venture Agreement.
EVN has met the Stage 1 expenditure of $2.0 million within the first year of a scheduled 2 year period.
Having elected to now proceed to Stage 2, upon spending an additional $4.0 million over the next 2 years EVN will acquire an 80% interest in the Project.
Under the terms of the Agreement, ADN is to receive a $200,000 cash payment from EVN within 10 business days of it notifying the Company of the Stage 2 election.
The Company considers the pace at which EVN has met the Stage 1 commitment and the subsequent election by EVN to proceed to Stage 2 underlines the prospectivity of the Drummond Gold Project to host high-grade epithermal gold deposits.