Aeris Resources Ltd (ASX:AIS) has advised the market that Tombola Gold Ltd (ASX:TBA) has advanced to 100% ownership of the Golden Mile Project after successful negotiations.
To advance to 100% ownership, the final consideration payable to Aeris is $50,000 in lieu of the company’s future remaining expenditure commitments.
Tombola’s ownership has now increased from 93%.
Golden Mile mining underway
Mining at the Golden Mile Project in Cloncurry, Queensland is underway, with the project to play a key role in Tombola’s vision of becoming a significant Australian gold producer.
Mining activities are also continuing at the Mt Freda Gold Complex and haulage to the GAM Plant is currently in progress.
The Golden Mile contains the following gold resource to JORC standard, which will now be 100% owned by Tombola after its successful negotiations with Aeris.
Tombola Gold managing director Byron Miles said of the Golden Mile transaction: “With first gold production and cash flow on track for 2022, it was prudent for Tombola to move to 100% ownership of Golden Mile, with mining at this project forming a key part of Tombola’s strategy to become a significant Australian Gold Producer in 2022.
"I would like to thank the team from Aeris Resources, which formerly held a partial ownership in the project, for their ease and assistance in finalising the transaction."