According to Mining News Pro - The site includes four gold mining leases, one exploration licence and a currently inactive gold carbon-in-pulp (CIP) processing plant with a design capacity to process 60,000 tonnes per annum.

Should the transaction be approved by shareholders, PepinNini aims to commence mining at Gilded Rose in 2021.

Gilded Rose was sold for $4 million, subject to due diligence, PepinNini shareholder approval and execution of formal transaction documents.

PepinNini will complete a review the project, including its mining equipment, resource, historical data and mining, tenement standing and environmental factors before it completes the transaction.

Once the acquisition is complete, PepinNini plans to raise further capital and obtain necessary approvals to start gold production at Gilded Rose and upgrade the gold resource to joint ore reserves committee (JORC) 2012 standards in the area suitable for open pit mining.

PepinNini will also review previous drilling and possibly complete further drilling to enlarge and extend resources, re-condition the processing plant and equipment and plan for an initial open pit mine and a potential underground operation for deeper resources.

Ausmex plans to use the capital it earns through the Gilded Rose sale to focus on progressing the Mt Freda gold and cobalt complex, also in Cloncurry, where it is targeting 2020 gold production.

The company is also simultaneously developing the Golden Mile mining lease application and plans to introduce an additional drilling program at the Burra copper and gold project in South Australia.