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Thursday, 26th February 2009 (978 views)

Nex Metals has announced that it has signed an agreement with Saracen Gold Mines to earn a 70 per cent managing stake in the Yundamindera gold project.

The Perth-based exploration company has stated that it will post regular updates on its exploration work on the prospect.

Located in Western Australia, the Yundamindera gold project has strong historical production figures but has not been subjected to modern mining and mineralisation occurs on and near the surface of the property.

Under the terms of the deal, Nex Metals can spend entry money on mining tenements with three years in order to earn the 70 per cent interest, including completing a detailed scoping study and perhaps establishing a gold mine with potential for additional discoveries.

A total of 1,777 drillholes have been completed at the Yundamindera gold project and initial heap leach test work has proven favourable.

Nex Metals Explorations is listed on the Australian Stock Exchange and is focused on managing exploration activities and its domestic portfolio, while acquiring valuable additional projects.

 

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