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Intermin Resources completes merger with MacPhersons Resources

The merged entity plans to change its name to Horizon Minerals.

two puzzle pieces being pushed together to represent merger concept
The merger creates a new emerging mid-tier gold production business

Intermin Resources Ltd (ASX:IRC) and MacPhersons Resources Ltd have completed their merger through a scheme of arrangement, which was implemented today.

The merged entity has a significant asset portfolio in the Kalgoorlie region of Western Australia with an expedited pathway to gold production.

The consolidation of the baseload Boorara project, with approvals in place and the higher grade surrounding projects within easy trucking distance provides the critical mass to underpin a mine development and production pathway.

Intermin’s managing director Jon Price said: “With the consolidation of these complimentary assets, strong board and management team, improved scale and clear pathway to production, shareholders can look forward to significant news flow as we focus on resource to reserve conversion to advance the feasibility study and continue to progress the potential acquisition of the Coolgardie gold project.

“This is a significant milestone for both Intermin and MacPhersons and we look forward to growing the merged entity into a market relevant, sustainable gold production business for the benefit of all stakeholders.”

READ: Intermin Resources Ltd signs deal to buy Coolgardie Gold Project and plant for $40 million

The potential acquisition of the Coolgardie gold project, if it proceeds, adds additional high-grade resources and a 1.2 million tonnes per annum processing plant to the portfolio.

Intermin and the vendor are continuing to progress the formal documentation for the potential acquisition, as well as obtaining the regulatory and internal approvals required to enter into and complete that transaction.

READ: Intermin Resources begins resource extension drilling at Lady Irene within Menzies Gold Project in WA

Previous feasibility work from all projects will now be combined into a single feasibility study inclusive of estimation of maiden reserves for all advanced development projects including Boorara, Binduli, Anthill and the Teal project area.

The study is scheduled for completion in the March quarter 2020.

Furthermore, assuming successful acquisition of the Coolgardie gold project, it is intended that advanced projects from this region will be incorporated into the study inclusive of a processing plant engineering assessment.

Quick facts: Horizon Minerals Ltd

Price: 0.1 AUD

ASX:HRZ
Market: ASX
Market Cap: $42.8 m
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