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Keras Resources shares advance as it strikes third gold tribute deal

Keras Resources has struck a third gold tribute agreement in Western Australia to bring its potential resource inventory to over 500,000 ounces and advance its aim of becoming a cash flow positive miner.
Keras Resources shares advance as it strikes third gold tribute deal
It has inked a binding profit share agreement with KalNorth Gold Mines Limited (KalNorth) for the Lindsay's project, which includes open pit and underground resources of 215,100 ounces at 1.7g/t of the yellow metal

Keras Resources (LON:KRS) has struck a third gold tribute agreement in Western Australia to bring its potential resource inventory to  over 500,000 ounces and advance its aim of becoming a cash flow positive miner.

Investors welcomed the news and shares were lifted 11.76% in early deals to 0.95p.

It has inked a binding profit share agreement with KalNorth Gold Mines Limited (KalNorth) for the Lindsay's project, which includes open pit and underground resources of 215,100 ounces at 1.7g/t of the yellow metal - 77% of which falls into the higher confidence indicated resource category.

Dave Reeves, the managing director, told investors: "We will now start work on revising the proposal to mine with a view towards commencing open pit production from this area in Q3 2016 to add to planned production from Grants Patch and Wycheproof. 

"I look forward to working closely with KalNorth on this operation in what is mutually beneficial agreement for both companies."

The Lindsay's project lies 65km north north east of Kalgoorlie and about 60km north east  of the Grants Patch Gold Tribute Project, where the company is on track to begin initial mining in the very near term.

There is also significant exploration potential down dip from Parrot Feathers (a potential underground operation), where mineralisation extends up to 200m below the resource base, Keras noted.

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Keras Resources Timeline

Newswire
February 01 2016
Newswire
December 04 2015

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