- Write by:
-
Tuesday, April 20, 2021 - 12:40:19
-
290 Visit
-
Print
Mining News Pro - GWR Group is set to demerge its Wiluna West gold project in Western Australia and assign the site to proposed subsidiary Western Gold Resources.
The company is hoping to spin-out its gold assets to take advantage of higher gold prices.
This would allow the company to focus on its Wiluna West iron ore project, which marked the company’s transition from explorer to miner.
GWR is seeking shareholder approval for the demerger and establishment of Western Gold Resources, which the company hopes to launch on the ASX.
According to GWR chairman Gary Lyons, the demerger is hoped to deliver more attention to the company’s gold assets through the subsidiary.
“With GWR’s Wiluna West Iron Ore now delivering revenue, we believe the time is right to take advantage of the buoyant gold price and spin-out our highly prospective gold assets,” he said.
“We believe the Wiluna West Gold assets will attract better investor attention and valuation in a standalone entity, while GWR can focus on the development of its remaining assets,” he said.
Wiluna West Gold contains a mineral resource estimate of 4.57 million tonnes at two grams per tonne of gold for 293,000 ounces.
“Given the quality of the Wiluna West gold project and the minimal work undertaken in recent years, we expect that Western Gold Resources Limited will attract the level of capital required to aggressively and systematically explore the (relatively under-explored) 22 kilometres of Joyners Find Greenstone Belt whilst also advancing the brownfields resource,” Lyons said.
Short Link:
https://www.miningnews.ir/En/News/612195
Canadian miner Barrick Gold on Wednesday beat first-quarter profit estimates on higher bullion prices and said it has ...
Barrick Gold faced criticism outside its annual general meeting on Tuesday in Toronto for supporting Malian rulers with ...
Gold wavered as traders looked ahead to a week with a Federal Reserve rate decision meeting and key US jobs data.
Newmont Corp beat Wall Street estimates for first-quarter profit on Thursday, as the world’s largest gold miner ...
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s ...
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
Ghana Mine Workers Union is demanding the termination of the mining lease of Future Global Resources Ltd. because the ...
Gold’s record-setting rally this year has puzzled market watchers as bullion has roared higher despite headwinds that ...
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
No comments have been posted yet ...