Argent acquires final 30% of Kempfield

Argent Minerals has acquired the remaining 30 per cent interest it does not already own in the Kempfield silver project in New South Wales from Golden Cross Resources.

Argent will pay $1 million cash and 1 million Argent shares at settlement of the deal, and a further $1 million in cash or shares upn a decision to mine at Kempfield.

The Kempfield project is currently the subject of a definitive feasibility study to produce silver, gold, lead and zinc at a rate of 1.5 million tonnes each year for 10 years.

The study is scheduled to be finalised by December.

First silver production is forecast for mid-2013.

Argent executive chairman Kerry McHugh said the acquisition of the remaining interest in Kempfield would enhance shareholder value by providing additional exposure to the project and simplify management.

"It will also assist in facilitating the approvals process and Argent's ability to arrange debt and equity financing," Mr McHugh said.

At 11:15AM (WST) Argent shares had slipped 2.4 per cent to trade at 20 cents.