Tribune in $30m Singapore buy

Gold miner Tribune Resources has purchased Singapore-based explorer Prometheus Developments in a deal worth $30.3 million.

Under the deal, Tribune has issued 5.5 million shares at $4.50 each to Prometheus, which holds a stake in the Diwalwal gold project in the Philippines.

Tribune will also pay $US4 million ($5.5 million) in the near term. 

Prometheus has the right to acquire an 80 per cent economic interest and 40 per cent legal interest in the project.

“The Diwalwal gold project represents an excellent investment opportunity for Tribune and its shareholders,” Tribune director Gordon Sklenka said.

“Having a strong balance sheet and income from the EKJV has allowed us to assess meaningful acquisitions where we will be able to transform the company into a significant mining house.

“Diwalwal ticks all the right boxes for us in terms of adding value for shareholders.

“The project has secure tenure, excellent grades, prospective geology and the potential for the delineation of a very large gold deposit.”

Shares in Tribune finished down 2.6 per cent at $4.55 each today.