Independence buys into Gold Road

Base metals miner Independence Group has emerged as the buyer of a small stake in Gold Road Resources, after a Canadian company sold down its holding.

Yesterday, Minco Silver Corporation sold 5.1 per cent of its shares in Gold Road for $11.5 million, bumping it from its position as a substantial shareholder in the Perth gold explorer.

However in a response to an ASX price query today, Gold Road confirmed that a number of the shares were acquired by Independence at 38.5 cents a share.

Independence didn’t acquire a 5 per cent shareholding so the exact number of shares it purchased was not disclosed.

“The company welcomes such a well-credentialed corporate as Independence to its register of members,” Gold Road said.

In a recent exploration update, Gold Road marketed its flagship Yamarna Belt tenements as being in close proximity to Independence’s Tropicana gold deposit.

 Shares in Gold Road were 10.1 per cent higher to 43.5 cents a share at 2:30pm.