West Perth-based miner Metals X has hit back at Northern Star Resources’ bid for Tanami Gold’s Central Tanami project with claims that the deal conflicted with legally-binding obligations.
“We have an enforceable agreement and we believe our rights and entitlements have been breached.
“We will take all necessary action in any appropriate jurisdiction to enforce our rights and entitlements in the interests of our shareholders,” he said.
Yesterday, Northern Star unveiled a counter-joint venture proposal to Tanami to farm-in to the company’s flagship gold project, which was well-received by Tanami’s board and majority shareholder.
It was considered a superior proposal to Metals X’s offer, which was lodged earlier in the month.
Tanami Gold’s share price lost 10 per cent to 2.7 cents per share at 12:30pm.