Australian Mines (ASX: AUZ) has received the final payment of $2.75 million from Alacer Gold Corporation (TSE: ASR, ASX: AQG) in relation to the sale of the Mt Martin gold project near Kalgoorlie, Western Australia.
The funds add to the cash at hand of $3.18 million as of 31 March 2013, leaving the company well-funded to continue with its exploration strategy in Nigeria and to pursue other opportunities.
Australian Mines holds 2,774 square kilometres of exploration licences within Nigeria’s northwest gold fields.
Three target areas – Yargarma, Kasele and Tegina – have been defined as key targets.
Recent assays from drilling at the wholly-owned Yargarma project in Nigeria have included 2 metres at 3 grams per tonne gold from 124 metres and 1 metre at 5.27g/t gold.
Australian Mines had sold Mt Martin to Alacer for $7.5 million in 2011.
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