Mutiny completes Gullewa acquisition

Mutiny Gold has completed its full acquisition of the Gullewa Gold project, paying $4 million cash and 40 million shares to ATW Gold Corp Australia for the final 30 per cent interest of the project.

Under the original agreement, announced in October, Mutiny was to pay ATW a 10 per cent net profit royalty from the project, however it has acquired the royalty with the payment of 40 million shares.

Mutiny managing director John Greeve said the acquisition of the profit interest was an excellent outcome for Mutiny shareholders.

“This transaction simplifies the ownership structure of the Gullewa gold project and is a strong demonstration by Mutiny of the value of the Gullewa gold project and by (ATW parent company) Red Hill of Mutiny and the company’s portfolio of assets.”

The Perth-based company said in a statement that its Deflector gold copper project, which is the lead development on the overall Gullewa project, located 160km east of Geraldton, was on target to start production in late 2012.