Croesus firms position

Kalgoorlie-based miner Croesus Mining NL has opened its purse strings to consolidate its position in the gold and base metals sectors.

The company and its partner, Gindalbie Gold NL, have taken up 100 per cent hold on the Anketell project – giving them full exposure to a new highly prospective copper/gold province.

The partners reached agreement in principle for BHP Minerals Pty Ltd to take up options in the two companies in exchange for clawback rights to the Anketell project.

Under the terms of the deal, BHP will receive 3,000,000 options in Gindalbie Gold, and 2,000,000 options in Croesus Mining.

The options have a five-year expiry date.

Meanwhile, Croesus has purchased the 50,000 ounce Mayday North gold deposit from North Mining Limited. The deposit is located 50km north of Kalgoorlie.