MELBOURNE minerals exploration company Range River Gold has bought out its Indee gold development project partner, Perth-based Bullion Minerals.
Under the agreement, which is subject to shareholder approval, Bullion will sell its 30 per cent interest in the project, which is 60km south-west of Port Hedland, to Range River for an overall value of $3.25 million via 16.5 million shares in Range River and $1.25 million in cash.
Range River said it will go ahead with drilling in the area to confirm key technical aspects before final development assessment. In March the company announced an updated resource estimate of 10.46 million tonnes at 1.6 grams per tonne for 529,000 ounces of gold.
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