Genesis Minerals (ASX: GMD) is in a trading halt relating to a renegotiation of terms in relation to an existing asset.
The halt will last until the earlier of the announcement being made or the commencement of trading on Thursday, 20 March 2014.
Genesis had earlier this month agreed to acquire AngloGold Ashanti’s (NYSE: AU) Viking Gold Project near Norseman, Western Australia.
The 970 square kilometre project contains numerous surface gold geochemical anomalies identified from a regional auger survey including the 7 kilometre by 6 kilometre Beaker gold anomaly.
First pass shallow drilling points to the potential to rapidly define a high-grade gold, multiple lode vein system at the high-priority Beaker Prospect and elsewhere on the Project.
The project would give the company access to a series of high grade, drill ready gold targets and a reputed high-quality $5 million database.
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