Vango Mining (ASX:VAN) has earned a 45% interest in the Plutonic Dome joint venture gold project in Western Australia from Dampier Gold (ASX:DAU).
This follows completion of its expenditure obligations under the First Stage Sole Funding Agreement.
The company has elected to commit to the next $1 million of expenditure within the next five months to earn an additional 15% interest in the project.
Under the joint venture agreement, Vango is required to sole fund a minimum of $6million in project based expenditure over a two year period to earn up to a 75% interest in the Plutonic Dome project.
Vango has completed its minimum $3 million sole funding obligation within the 14 month period post satisfaction of the conditions precedent to earn a 45% interest in the Project.
The advanced K2 development project within the tenements has a Resource of 415,000 tonnes at 7.7 grams per tonne gold, or 103,000 ounces of contained gold.
K2 has a pre-tax NPV of $14.87 million, IRR of 229% and average C1 cash costs of A$791 per ounce.
Plutonic Dome has a global resource of 8.28 million tonnes at 3.1g/t, or 820,000 ounces of contained gold.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.
