Newcrest pulls out of SmartTrans project

Gold miner Newcrest Mining has withdrawn from its joint venture with Leederville-based SmartTrans Holdings over the Mount Mackenzie gold joint venture in Queensland.

In a statement today, SmartTrans said the project does not fit Newcrest's target criteria.

Early last year, SmartTrans farmed out 60 per cent of Mount Mackenzie to Newcrest, which was to spend $10 million over five years on exploration.

Today SmartTrans said there is significant potential for smaller high grade deposits at Mount Mackenzie which may suit other companies.

"... SmartTrans will be seeking a suitable joint venture partner from the ranks of Australia's current list of active gold producers and explorers," the company said.

The prospect is a joint venture with Australia Oriental Minerals.