Intermin Resources Ltd (ASX:IRC) has agreed a deed of settlement and termination with Eastern Goldfields covering the Menzies and Goongarrie joint venture projects, with the projects now returning to Intermin on a 100% basis.
The Michael Fotios-backed Eastern Goldfields had fallen into administration in November 2018.
All relevant mining and geological information, drilling samples and property pertaining to the projects will now be returned to Intermin.
Intermin’s Kalgoorlie area gold project locations, regional geology and surrounding infrastructure
Intermin intends to undertake a detailed review of work completed by Eastern Goldfields and integrate both the Menzies and Goongarrie projects into the exploration and development programs planned for 2019.
In addition, Intermin has arranged for the off market sale of all the remaining shares held by Eastern Goldfields which was taken up by existing Intermin shareholders.
READ: Intermin Resources combining its Kalgoorlie gold assets with MacPhersons Resources
In December 2018, Intermin executed a merger implementation agreement to combine with MacPhersons Resources Ltd (ASX:MRP).
The merged entity, subject to various approvals is to be named Horizon Minerals Limited.
It will have estimated JORC resources totalling 1.19 million ounces of gold and an extensive portfolio of highly prospective growth assets in the world-class Western Australian goldfields.