31/08/1999 - 22:00

Troy moves to expand

31/08/1999 - 22:00

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GOLD miner Troy Resources NL has moved strongly to boost its gold earnings and take over 100 per cent ownership of the Mt Klemptz tenements in the Sandstone area of Western Australia.

Troy moves  to expand

GOLD miner Troy Resources NL has moved strongly to boost its gold earnings and take over 100 per cent ownership of the Mt Klemptz tenements in the Sandstone area of Western Australia.

The company has agreed to pay Cambrian Resources NL $500,000 cash and 7.9 million Troy shares to purchase 40 per cent equity in the ground.

At the same time, Troy also purchased the remaining 20 per cent of the shares it did not own in Wirra-minna Gold NL for $750,000 and the issue of a million shares. Last year Troy acquired an initial 80 per cent interest in Wirraminna, which wholly owns a number of tenements and a 60 per cent interest in the Mt Klemptz tenements.

Troy nw has 100 per cent ownership of the Mt Klemptz tenements and a joint venture which includes the Bulchina project.

Troy has reached agreement with Herald Resources Limited to process Bulchina ore through its Sandstone mill, located about four kilometres from the Bulchina project.

The results of a

feasibility study indicate an economically viable operation can be established based on a spot gold price of $400 per ounce for the Bulchina project.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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