Barton Gold (ASX: BGD)

Announced the acquisition of the 279,000oz Au Wudinna Gold Project from Cobra Resources PLC.

Wudinna is located approximately 200km southeast of Barton’s South Australian Tunkillia Gold Project.

 

 

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	Barton Gold	ASX: BGD
	Stage	Production, development
	Metals	Gold
	Market Cap	A$187 Million   @A$0. 84
	Location	South Australia
	Website	www.bartongold.com.au

 

 

 

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Barton Gold Acquires the Wudinna Gold Project

 

 

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Barton Gold Holdings Limited (ASX:BGD, FRA:BGD3, OTCQB:BGDFF) (Barton or Company) is pleased to announce the acquisition of the Wudinna Gold Project (Wudinna) from Cobra Resources PLC (Cobra).

Wudinna is located approximately 200km southeast of Barton’s South Australian Tunkillia Gold Project (Tunkillia) and 200km west of Whyalla, South Australia in the north-central area of the Eyre Peninsula.

 

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Acquisition of Wudinna Gold Project

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HIGHLIGHTS

• Binding terms for acquisition of 279,000oz Au South Australian gold development project
• Completion subject only to vendor shareholder approval; total consideration up to $15 million majority settled in Barton equity and performance milestone payments (see ‘Key Terms’ below):
o Initial consideration: $1.0 million, including $200,000 cash, on issue of New Tenements
o Final Settlement: $4.5 million, including $300,000 cash, on transfer to Barton Gold
o Contingent benefits: up to $9.5 million upon exploration and production milestones

 

 

 Barton Managing Director Alexander Scanlon commented;

“We are pleased to announce binding terms to acquire the Wudinna Gold Project, which upon Completion of the transaction will add a further 279,000oz gold to our South Australian development portfolio.

 

“The assets offer significant low-cost optionality to Barton’s long-term regional development objectives, and we will be pleased to welcome Cobra and its shareholders to Barton’s register as we steadily unlock value across our entire platform.

“We applaud South Australia for a new regulatory framework permitting the sub-division of mineral tenements. This enabled both a transaction which otherwise would not have materialised, and Wudinna’s advancement.”

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To read the full news release please click HERE

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Disclosure

At the time of writing the author holds shares in Barton Gold.

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