Tanami lifts holding

TANAMI Gold NL has consolidated its position as a major land-holder and explorer in the highly prospective Tanami-Arunta Province stretching from WA into the Northern Territory by acquiring the regional joint venture interests of Glengarry Resources NL.

Addressing the AMEC Investment in Resources seminar, in Perth, Tanami Gold managing director Denis Waddell said the deal increases Tanami’s interest in the Larranganni gold project from 48.5 per cent to 92.5 per cent with the right to acquire the remaining 7.5 per cent upon completion of a bankable feasibility study.

It also gives the company a 100 per cent interest in a suite of other exploration projects.

Tanami will also acquire Glengarry’s Tanami province database, camp facilities and plant and equipment.

Payment by Tanami Gold will be $1.5 million in cash and issue 15 million shares to Glengarry.

Mr Waddell said the deal further consolidated the company’s tenement holdings in a region that was one of Australia’s last underexplored mineral provinces and host to the Granites,