Intermin Resources Limited (ASX:IRC) has news pending of a potential transaction in relation to Focus Minerals Ltd’s (ASX:FML) Coolgardie Gold Project in WA and has been granted a trading halt by the ASX.
The trading halt will remain in place until the company releases an announcement or the start of trading on Tuesday, February 12, 2019, whichever occurs earliest.
This week the company’s securities have traded in a range from 11 cents to 13 cents and last traded at 12 cents.
Intermin on Thursday agreed to a deed of settlement and termination with Eastern Goldfields covering the Menzies and Goongarrie joint venture projects, which return to Intermin on a 100% basis.
The Michael Fotios-backed Eastern Goldfields fell into administration in November 2018 with relevant mining and geological information, drill samples and property pertaining to the projects to also be returned.
Intermin intends to undertake a detailed review of work completed by Eastern Goldfields and integrate both projects into the exploration and development programs planned for 2019.
In December 2018, Intermin executed a merger implementation agreement to combine with MacPhersons Resources Ltd (ASX:MRP).
Subject to various approvals, the merged entity will be named Horizon Minerals Limited and will have estimated JORC resources totalling 1.19 million ounces of gold.
It will also hold an extensive portfolio of highly prospective growth assets in the Western Australian Goldfields.