Western Australian gold producer, Empire Resources has reverted to full ownership of all assets and exploration tenements associated with the Penny’s Find gold mine located 50 kilometres northeast of Kalgoorlie.
|Map showing the location of the Penny Find’s gold project|
The outcome follows the conclusion of negotiations concerning debt owed to it by Empire’s 40 per cent joint venture participant in Penny’s Find, the public unlisted Brimstone Resources.
Brimstone incurred the debt as a consequence of Empire funding Brimstone’s share of the mining Joint Venture (JV) expenditure. A receiver was appointed by Empire to Brimstone's 40 per cent interest in the mine late in June 2018 for non-payment of more than AU$1 million owing to Empire under the mining joint venture.
Under the settlement agreement Empire will own all of the project including its mine infrastructure, resource inventory, and other associated facilities, as well as several nearby gold exploration tenements.
Empire will be also entitled to retain all proceeds arising from the dispute with Eastern Goldfields Mining Services.
Empire Managing Director, Mr David Sargeant, said that full assessment and a final investment decision on taking Penny’s Find into a much larger, longer-term underground gold mine had been put on hold pending the resolution of the ownership of Brimstone's interest in the mine.