AuKing Mining Managing Director Paul Williams talked with Proactive about the company’s binding agreement to acquire 100% of Orion Resources, giving it full ownership of the Cloncurry Gold Project in Queensland.
Williams explained that the transaction includes a processing plant, mining leases with historical operations, and an extensive area of exploration ground near the township of Cloncurry in north-western Queensland. He highlighted that the Cloncurry assets had “never been under the one roof before,” adding that this collection presents AuKing with “a great opportunity to become one of the next producers of gold in Queensland.”
The managing director said the acquisition positions AuKing Mining to transition into a gold developer and near-term producer, with the potential to generate significant value for shareholders. To support the deal and upcoming project activities, AuKing is progressing towards financial close with the support of a New York-based advisory group providing about $8 million. In addition, the company plans to launch an entitlement offer to allow existing shareholders to participate.
Williams outlined that funds raised will go towards the purchase price as well as drilling, feasibility studies, and other project activities immediately after acquisition.
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