22/03/2010 - 10:52

Klein resolves Conquest Mining dispute

22/03/2010 - 10:52

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Less than two weeks after being appointed to lead Conquest Mining, former Sino Gold chief Jake Klein has resolved a dispute with Gold Fields Australasia over the Mt Carlton project in Queensland.

Less than two weeks after being appointed to lead Conquest Mining, former Sino Gold chief Jake Klein has resolved a dispute with Gold Fields Australasia over the Mt Carlton project in Queensland.

Both parties reached an amicable agreement to settle the dispute that were under discussions between the companies as joint venture partners in the project .

Included in the agreement, the companies have agreed to terminate the JV exploration deal allowing Conquest to solely explore the project and Gold Fields will pass to Conquest its interest in a tenement block to the east of the project.

Conquest has also agreed to pay Gold Fields a net smelter royalty, which can be deferred for up to 12 months.

"As a result of this settlement, Gold Fields' interests are fully aligned with Conquest's, since they stand to benefit both through royalties from the Mt Carlton tenements, and as Conquest's largest shareholder, from the development of the region," Conquest chairman Rich Krasnoff said.

"I would particularly like to thank Mr Jake Klein who was instrumental in achieving this
satisfactory outcome."

Shareholders are due to vote on Mr Klein's appointment as executive chairman shortly. Mr Klein will take over from John Terpu who has previously flagged his intention to step down.

Mr Klein was introduced to Conquest after the company hired his consultancy firm to carry out a strategic review of the Silver Hill project in Queensland after a definitive feasibility study found the operation could not deliver commercial returns.

Mr Krasnoff will remain on Conquest's board in a non-executive capacity.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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