So NAGs acquired the Nagambie Mine Site and 187 hectares for: $900k (51%) and $1 (49%). That's a total of $900,001 full acquisition costs.
It did include a liability - the requirement to restore the Degraded Site. That degrade site though has now become an asset as it can generate income in the restoration process rather than cost money. The restoration project is planning to use PASS as the fill & get paid for it in the process. That's quite a turn around from the pits being a Liability.
Interesting too:
* "Perseverance owned 100% of both the Nagambie Mine and the Fosterville Mine" .
* That "In 2006, mining at Fosterville was progressing from open pit to underground ... sulphide-gold.
So Fosterville transformed from being an Oxide Gold producer to Sulphide Gold producer. Nagambie now looks set to do the same thing if they are successful in finding the gold. Gee that would hurt if you were part of Perseverance.
Anyway they have come a long way and there is still a bit to go to reaching that Goal but if they do in will be a Great Achievement with lucrative rewards.
