Tanami buys Newmont’s Reynolds Range
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Tuesday, 8 June, 2004 - 22:00
Tanami buys Newmont’s Reynolds Range
TANAMI Gold has entered into an option agreement to buy Newmont’s Reynolds Range project that holds the Sabre and Falchion gold prospects.
To exercise the option Tanami will have to spend a minimum of $165,000 within a year of gaining access to the tenements.
However, Newmont retains the right to acquire majority ownership if a resource of more than 750,000 ounces of gold is discovered on the land.
If that happens Tanami will be free carried until Newmont has contributed a further $60 million.
The project is about 200 kilometres northwest of Alice Springs.
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