North Queensland Metals (NQM) is pleased to announce that the Pajingo Joint Venture has agreed to acquire the Twin Hills gold operations from Gold One International for the sum of A$1,750,000. Twin Hills is located 190km by road south of the Pajingo operations. The consideration for the acquisition (100%) is to be made in a number of tranches – Signing Fee $200,000; Tranche1 $300,000; Tranche2 $500,000; Tranche 3 $750,000. The completion date is contingent upon primarily the assignment of the tenements.
North Queensland Metals is an Australian based and listed company with a focus on activities in north Queensland. It has a 60% interest, and is the manager of the Pajingo Gold Mine access. NQM aims to develop a second gold mine through an option over the Dotswood Project. The joint venture partners will embark on a feasibility study based on trucking ore to Pajingo for treatment. This may include additional drilling to expand its gold interests on its and subsequent modelling to suit a revised mine plan as a satellite mine. Trials in June have confirmed that the Pajingo mill could process up to 500,000tpa on a single mill, thus allowing approximately 200,000tpa. In addition to its gold operation, North Queensland Metals has a strategy of developing several mines in the Herberton area, west of Cairns, feeding ore to a central milling facility. The mineral field includes hundreds of historic tin and base metal mines with rich credit metals such as silver and indium.
Tags: Gold Mining, New acquisition, North Queensland Metals, NQM
I think that the fact that GOLDONE has sold this mine is a disaster fro GOLDONE. They left many investors believe that GOLDONE was a African/Australian operation and that was the attraction for the share. I don’t think that the CEO has ever mentioned during the pre listing (Aflease changing to Goldone) that he was planning to sell the Australian asset. FORTIS did the same in Europe. ALL THE INVESTORS WERE LEFT WITHOUT A PENNY. I think that the CEO of GOLDONE should be taken to court for manipulation of the share price just at the listing day. Investigations need to be done and the CEO brought to justice. He is a BRETT KEBBLE number two!!!
If I do remember correctly during the interview the CEO was mentioning that at some stage the share price reached the equivalent of nearly 6 Rand on the Australian stock exchange! Who has benefited from such an intraday surge?
Unfortunately I cannot access this interview to confirm but it should be around that. How come that suddenly the share price is dropping like a bomb only few weeks after??? The gold price itself shouldn’t be a worry as they operational cost are quite low anyway. Unless Gold drops below $500 maybe.
On the website of the purchaser of the Twin Hills mine you can simply read that the australian mine and the area has quite a lot of potentials!!! Why will you sell a mine if it has got such a potential then??? Who to you trust in this world. Again and again the small investors will most probably be hurt.